MANAMA: Bahrain-based Shamil Bank announced a successful partial exit of the $50-million US Development Opportunities Fund I Limited (USDOF I) through the disposition of one of the assets comprising the portfolio.
USDOF I, one of Shamil's real estate Modaraba Funds, provided investors with an opportunity to invest in the development of two condominium projects in the US - one in Fairfax, Virginia and the other in Miami, Florida.
The Fund, which was subscribed for in December 2005, projected the realisation of an internal rate of return (IRR) of 17 per cent over an investment period of two years.
In its capacity as the Modareb, Shamil Bank has closely monitored the investment's progress leading to the successful exit from the Virginia-based project at an IRR one-hundred basis points higher than initially projected.
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