Saudi property investment and manager NCB Capital said that it has set up the world's first shariah-compliant property fund. The Alahli Global Real Estate Fund (GREF) will invest in companies whose activities are in real estate development across the world. The new fund will be active in a market that experts value at $1.5 tln, and that doubled in size between 2006 and 2007.
Swiss real estate group Investis has boosted its real estate holdings with the CHF 139 mln (€149 mln) purchase of prime residential properties in Vaud canton.
