Lebanon’s Banque Saradar has recently invested five million dollars in a newly established real estate investment firm, which will operate under the name Eagle One. Seeking an initial capital of another $10 million, the joint stock company is expected to be listed on the Beirut Stock Exchange (BSE) within two years’ time.
Eagle One sets to operate as a Real Estate Investment Trust (REIT), which acquires properties with long-term potential capital appreciation in Lebanon, mainly office and retail facilities, and offers its shareholders return from the rental income
Eagle One’s minimum commitment was set at $500,000 for institutional investors and $100,000 for individuals, according to Joe Issa Khoury, chairman and general manager of the Saradar Investment House. “The maximum life of Eagle One is set for 10 years, and we expect to have around 16 percent annual returns on investment,’ he added.
“We will invest only in rented properties that offer a return not less than 11 percent, not counting the growth in property value,” Khoury told a press conference. “All net income will be distributed as dividends on a semi-annual basis, and transactions will be performed in US dollars,” he added. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
