IslamicFinance.de

Qatar Islamic Bank's QInvest is exiting the St. Edmund’s Terrace LP Fund. The Shari'ah compliant fund was jointly owned by QInvest and a range of GCC institutional and retail investors. It invested GBP 50 million into developing a new, prime residential project through a real estate development company. The Fund was created to provide investors with the opportunity to invest in London’s prime residential market. At completion, the Fund generated 22% net returns to investors. Craig Cowie, Head of Real Estate at QInvest said the returns exceeded expectations and added a notable asset to the luxury real estate market in London. The project, 50 St. Edmund’s Terrace, completed in June 2015 and comprises of three residential blocks and 37 units. It delivered an average selling price in excess of GBP 2,600 per square foot.