Gulf Petrochem Launches Property Fund In DIFC
by Lorys Charalambous, Lowtax.net, Cyprus
30 April, 2015
Gulf Petrochem Group (GP) has announced that it has launched an India-focused real estate fund called GP Property Fund (CEIC) Limited in the Dubai International Financial Center (DIFC), a free zone in the United Arab Emirates (UAE).
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 DIFC said in a statement.
The fund, which is sponsored and driven by GP, will be managed by Gateway Investment Management Services (DIFC) Limited (Gateway).
Elaborating on its 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 USD10m as seed capital to the fund that aims to raise USD100m."
The DIFC said that the new fund "provides unique and tax-efficient access to a diversified portfolio of professionally managed grade 'A-level' real estate assets." These assets have been approved by the Indian Government and work in compliance with the Foreign Direct Investment (FDI) program.
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.
Dinesh Bhasin, Fund Director at GP, said that the fund will target investments in commercial, hospitality, residential, and retail projects.
The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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