Middle East
Introduction
Matrix Property Middle East LLP
Matrix Property Middle East LLP will take advantage of long term investment opportunities in the GCC property sector. It will focus on the acquisition of high quality income generating projects predominantly in the industrial, residential and office sectors, as well as development projects, utilising the firm’s in house property development capabilities. Through existing strategic joint ventures with carefully selected partners across the GCC, Matrix plans to leverage its property development and active property asset management experience to extract greater value from the assets it acquires. Regions of focus are the major growth markets of the GCC which offer unique investment opportunities: Qatar, Saudi Arabia and UAE.
Matrix Property Middle East was formed following the acquisition by Matrix of a majority stake in the former Kenmore Middle East business, bought out by former board director Andrew White in December. Led by Andrew White together with Will Hean as General Manager and Investment Director, it will have operations in the UAE and Qatar. Andrew and Will have been operating in the Middle East since 2006 where they, and their team, quickly gained a good reputation for sourcing opportunities and assisting their local partners with the operational and financial underwriting of projects alongside post-purchase asset and development management strategy. They manage equity investments of £20m in a number of projects in Qatar, Abu Dhabi and Dubai. These projects, which are all being undertaken with joint venture partners, on completion are anticipated to have a gross development value of £640m.
The team's impressive connections with local contacts and joint venture partners, includes local high net worth families and corporates and other European real estate specialists operating in the region. Diversification across the Gulf and gaining a strong foothold in the Qatari market is seen to be key to the expansion and strategy of the business.
Matrix have also entered into a joint venture agreement with ME Alignment, a successful Qatar-based real estate development and investment company owned by members of the Al Attiya Family, with a widespread network of high level contacts across the region.
Together, Matrix Property ME and ME Alignment will set up a Property Fund Management company in Qatar and are in the process of registering the new vehicle with the Qatar Financial Centre.
