Beirut-based Corporate Finance House announced the initial closing of the Middle East Real Estate Opportunities Fund II on $30 million (€23 million). It is hoping for a second closing by the end of November 2006 on $50 million.
“We strongly believe that MEREO II is well-positioned to benefit from the brisk real estate activity in the region and seek to attain the desired returns,” said fund manager Karin Chamseddine. He will run the fund from Corporate Finance’s recently opened office in Dubai.
The fund will invest in residential and commercial real estate in Dubai, Abu Dhabi, Doha, Amman and Beirut.
The firm, established in 1997 and formerly known as Capital Trust Middle East, plans to open a Riyadh office in January of next year. It currently has a staff of twelve professionals.