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Hometown Fund Management Limited (Cayman Islands) and Gateway Investment Management Services have announced that they have established the Hometown Dubai Hospitality Fund II Limited in the Dubai International Financial Centre (DIFC).
The fund is one of the first funds to be established in the DIFC under the Qualified Investor Fund regime. It is designed to contribute to Dubai's booming hospitality market through investment in a diversified portfolio of grade A residential property in key freehold destination areas in the city, converting them into branded, designer vacation, and executive serviced apartments. This strategy has been adopted by the sponsors of the fund on the back of the successful closing of the Dubai Hometown Hospitality Fund I, the first fund in the series, back in 2013.
The sponsors plan to raise a total of USD200m for the final closing of the fund and list the closed-ended fund on a recognized exchange in due course. The first closing of the fund is targeted for the first half of 2016.
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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