Environment & Energy | Wednesday 29 April, 2015 1:13 am |

• GP commits US$10 million as seed capital to Fund; aims to raise US$100 million
• DIFC’s Exempt Fund tailored to provide professional and institutional investors with unique and tax efficient access to diversified portfolio of professionally managed ‘Grade A’ real estate assets in compliance with the Indian Government’s Foreign Direct Investment (FDI) programme

Dubai, UAE- 28 April 2015: Gulf Petrochem group (GP) has announced the inauguration of GP Property Fund (CEIC) Limited, domiciled in Dubai International Financial Centre (DIFC). This is the first DIFC domiciled fund focused on Indian real estate and marks the launch of a new area of focus for GP in the asset management space

The fund, which is sponsored and driven by GP, will be managed by Gateway Investment Management Services (DIFC) Limited (Gateway). In addition, the international real estate experts Cushman & Wakefield have been retained as property consultants for the Exempt Fund.
Elaborating on their plans, GP’s Managing Director Sudhir Goyel said: “The time is now right to leverage Indian real estate assets for the benefit of our investors. GP has committed US$10 million as seed capital to the Fund that aims to raise US$100 million.”
Guaranteeing tailor-made solutions for professional and institutional investors, the DIFC Exempt Fund provides unique and tax efficient access to a diversified portfolio of professionally managed grade ‘A-level’ real estate assets. These assets have been duly approved by by the Indian government and work in compliance with the Foreign Direct Investment (FDI) programme. For decades, India’s real estate sector has provided valuable potential for a diversified asset model and has delivered strong performance, attractive yields, and diversification benefits.
Speaking about the latest development, DIFC Authority’s Chief Strategy and Business Development Officer, Chirag Shah said: “The DIFC Authority would like to congratulate Gulf Petrochem on the launch of the GP Property Fund. Allowing funds to be established and launched conveniently confirms DIFC’s commitment to providing sophisticated investors and their advisors with innovative and tailored solutions. The DIFC is a jurisdiction with internationally recognised regulations, favourable taxation and ease of establishment. Based on these key factors and our associations with clients such as Gulf Petrochem and Gateway Investment Management Services, we believe the DIFC can and will become the Fund Domicile of choice in the region.”
The investors in the region perceive the Indian real estate market to be well positioned for growth with a new government in power, which is committed to increase foreign investments in the country.
Fund Director Shahin Alam pointed out that the Fund is structured as a closed ended investment company (CEIC) in the DIFC that aims to encourage foreign investments into India by high net worth individuals and institutions, seeking to create value real estate exposure.
Similarly, Dinesh Bhasin, Fund Director at GP, added: “The Fund's investment objective is to primarily invest in equity, equity related or debt securities in real estate and real estate-related projects based in India. Specifically, the Fund will target investments in commercial, hospitality, residential and retail projects within proven geographies.”
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About Gulf Petrochem
GP Group is a leading player in oil space, with a vision to be an integrated multinational energy organization driving international growth with an excellent suite of development projects spread across different continents. The company has an established presence in India and is keen to expand its operations around the world. In its pursuits, GP is actively involved in significant acquisitions, recently completing the acquisition of a Shell bitumen plant in Gujarat, India. The Sponsor is a large business conglomerate with activities spread across a range of industries and its subsidiaries cater to Real Estate Developer & Integrated Construction, Logistics & Warehousing, Agriculture & Horticulture, Infrastructure Development, Iron & Steel, Non-Banking Financial Corporation, Education, Hospitality, and Therapeutic Philanthropy.
The Sponsor will also utilize the services of its affiliate companies, which will act as the Fund’s property developer and Constructor. The property developer has an established presence in India, having successfully completed key development projects across the country.

About Gateway Investment Management Services (DIFC) Limited
Gateway offers a wide range of investment management services and experience to institutional and private clients, asset managers and investment professional. The Company is regulated by the Dubai Financial Services Authority (‘DFSA’) as a prudential category 3A firm for the provision of conventional and Shariah-compliant asset management services. Since May 2013, Gateway is an LRIM Group company, which also includes Investbridge Capital (DIFC). Gateway offers its clients access to the firm’s asset management platform at the DIFC. The Company is uniquely licensed as a DIFC Fund Manager and offers a platform solution for DIFC domiciled investment funds and their advisors.

About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, international financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.

The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.

Located midway between the global financial centres of London in the West and Singapore in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.

Currently, more than 1,225 active registered companies operate from the Centre, including 21 of the world’s top 25 banks, 11 of the world’s top 20 money managers, 7 of the top 10 insurance companies, and 9 of the top 10 law firms. Nearly 18,000 people work in the Centre.

DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 2.8 billion and nominal GDP of US$ 6.9 trillion.

For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.