Dimah Capital completes a successful exit from one of its most distinguished real estate in the US
Dimah Capital Investment Company, one of the leading Shariah-compliant international real estate investment company and a subsidiary of with Al Imtiaz Investment Group, announced the completion of an exit process through the sale of the “Residence Inn Washington Hotel” property in the United States of America,
Commenting on the exit process, Mr. Walid Mohamed, Executive Vice President – Alternative Investments Department at Dimah Capital, said: Despite the great challenges we face due to the epidemic outbreak of the Corona virus and the ensuing government measures to impose a comprehensive ban in most countries of the world, which has affected its repercussions on The overall activities of the hospitality sector, but by the grace of God Almighty, we were able to achieve a distinguished exit deal for the benefit of the company and its clients. The internal rate of return that was achieved reached 9.4% over the investment period, which extended for about 4 years, and the annual cash return for investors was 9% distributed among Monthly payments, which is an achievement added to our record in the international real estate market and a positive indicator in light of the current conditions in the global economic system.
He added, the property enjoys a privileged strategic location in the American capital, Washington, as it is located within walking distance of the White House, and is surrounded by many vital commercial and recreational facilities, which contributed to achieving a rewarding selling price in light of this difficult stage, which reflects the efforts and capabilities of the Dimah Capital’s team and their dedication to Continuously enhancing returns to customers, highlighting the company’s position, and maintaining its growth and sustainability.
Mr. Walid Mohamed added, “We are very proud to announce this exit that we have achieved for our clients and shareholders. The deal came as a result of the investment’s strategy pursued by “Dimah” to look for distinctive investment opportunities through cooperation with our strategic partners and asset managers who are known of high professional competence and a distinguished performance record In the markets we are in. Dimah is also closely following the repercussions of the pandemic and its negative impact on the real estate sector in general and the hospitality sector in particular, in light of the continuous and unstable market fluctuations to achieve the best returns upon exit.
Mr. Walid stressed that Dimah continues to focus on attracting new opportunities in the market and works to increase the volume of assets under management, while making all efforts to meet the ongoing challenges and maintain the company’s long-term commitment to its shareholders and clients to achieve the best results with complete transparency in accordance with disciplined standards and in accordance with the provisions of Islamic Sharia.
Dimah’s paid-up Capital is 44 million Kuwaiti dinars, while the total assets under management exceed 1.3 billion US dollars. Dimah Capital manages a diversified portfolio of real estate investments locally, regionally, and globally.