March 28, 2017 / 12:46 PM / 6 months ago

Fidelity launches real estate investment vehicle for Saudi's NCB Capital

DUBAI (Reuters) - Fund firm Fidelity International said on Tuesday it had partnered with NCB Capital, the investment arm of Saudi Arabia’s largest bank National Commercial Bank (1180.SE), to launch a real estate vehicle with a total investment of $300 million.

The pan-European vehicle will target assets across Germany, France, Benelux and Britain. It will provide $150 million of equity which can be increased to invest up to $300 million in total.

The mandate is focused on investments of between $20 million and $60 million in the office, logistics and retail sectors and is Shariah compliant, it said in a statement.

Reporting By Tom Arnold, editing by David Evans

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