Dubai: The parent company of the property fund Emirates REIT, the Equitativa Group, is launching a $600 million real estate fund in Indonesia. Structured as a ‘real estate investment trust’, the new one will acquire commercial, retail and hospitality properties in that South Asian nation.
Equitativa has aligned with Stern resources for the joint venture in a market that hosts the world’s fourth largest population and has a rapidly growth middle-class. “This joint venture represents a natural evolution for Equitativa enabling us to leverage our extensive experience in entering and developing new emerging markets,” said Sylvain Vieujot, founder of Equitativa.
Stern Resources has a record of engaging in ventures in multiple industries, including in the real estate sector and in Indonesia.
In the UAE, Emirates REIT counts the Index Tower, school campuses and other commercial real estate in its portfolio. It’s recent financial performance shows the fund’s performance is on the mend after quite a difficult run in the last two years.