Chicago, United States
Capri Capital Partners, LLC ("Capri") Chairman and CEO Quintin E. Primo III and Emaar, The Economic City, Inc. ("Emaar.EC") announced Capri will be the first international real estate investment firm to develop a world class mixed-use commercial and residential project in the Central Business District of Saudi Arabia's new city named King Abdullah Economic City ("KAEC"). When completed, KAEC will become the third largest city and biggest seaport in Saudi Arabia.
The $2 billion real estate development project will feature two luxury full-service five-star hotels; a world-class convention/conference center and hotel; two Class-A office towers; an enclosed retail center and two residential condominium towers.
World-renowned architect Ricardo Bofill of Taller de Arquitectura of Spain will design the project on behalf of the partnership. Prime Group, an international development firm based in Chicago, will act as lead developer for the project.
"It's exciting to be a part of this history as Saudi Arabia begins opening itself up to the world," said Quintin E. Primo III Chairman and CEO of Capri Capital Partners. "Capri will invest, oversee development, and own this major real estate project as we partner with Emaar and the Kingdom of Saudi Arabia. Beyond executing a successful development, our goal is to help create value across strategic sectors of the Saudi Arabian economy using real estate investment as a platform. In addition, Capri seeks to act as a bridge-maker between the United States and the Kingdom, from a business, educational and cultural standpoint."
"Saudi Arabia is a critical component of our international growth strategy and will serve as the headquarters to Middle East and North Africa markets," said Rehan Atiq, Vice Chairman and Co-Chief Executive Officer of Capri Global Capital. "The economic fundamentals of Saudi Arabia are as strong as any other world class emerging market. We are delighted to enter the Kingdom through this very prestigious opportunity."
About Capri Capital Partners, LLC
Capri Capital Partners LLC is one of the country's leading institutional real estate investment advisory firms, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled $4.8 billion as of March 31, 2008. For more information, please call 312-573-5275 or visit the company's website www.capricapital.com.
Capri Capital Partners, LLC expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of their funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
About King Abdullah Economic City
KAEC is the single largest private sector-led project in the region and has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities.
Source: Business Wire (Business Wire India)