Gulf Islamic Investments and Capital Bay announced that they would create a new joint venture. The two companies will jointly invest €500 million in European retirement homes.
Capital Bay manages more than $7 billion in assets and Gulf Islamic Investments more than $2 billion. They expect to finalise the first €500 million investment before the end of the year. The transactions are likely to involve equity and debt, seeking above-average returns.
The deal was closed on August 23, although it was only made public this week. The merger involves the creation of several value-add and core-plus funds.