Logistics & Warehousing
Last-mile and regional distribution assets with long-term lease structures and strong tenant covenants.
What We Do
Built for downside resilience. Designed to compound.
The Income Fund targets income-producing real assets across the GCC , selected for resilient demand, defensible cap rate entry, and strong replacement-cost logic. Every asset is acquired debt-free at the property level.
We do not rely on leverage to manufacture yield. Returns are generated through disciplined acquisition, active asset management, and operational execution, not financial engineering.
Target Assets
Where we invest.
Workforce Housing
Labour accommodation assets serving essential industries. High occupancy, government-linked demand. Illustrative example: a purpose-built labour accommodation facility serving a single essential-industry tenant under a multi-year lease.
Grade A Boutique Office
Smaller-format, high-specification offices in undersupplied GCC submarkets with pricing power.
Healthcare & Medical Facilities
Clinics, specialist centres, and diagnostic assets, essential-use, sticky tenants, limited new supply.
Cold Storage
Temperature-controlled logistics serving food, pharma, and retail, structurally undersupplied in the GCC.
Community Retail
Convenience and necessity-based retail anchored to residential catchment areas with defensive demand.
Market Backdrop
Why these asset classes, why now.
The GCC's structural demand drivers remain some of the strongest globally. The UAE's population reached approximately 11.6 million as of April 2026, with the GCC region as a whole estimated at 64.8 million, driven by sustained expatriate inflows, according to UN-sourced population data.
Logistics: Grade A warehouse vacancy in prime Dubai locations sits at approximately 5%, with Jafza and Dubai South operating at or near full occupancy, and Jafza rents up roughly 22% year-on-year, according to Knight Frank.
Grade A Office: Dubai's overall office vacancy declined to 6.1% in Q2 2026 from 7.7% a year earlier, with prime vacancy as low as 0.7%. Grade A rents rose approximately 19-26% year-on-year in the first half of 2026, according to JLL.
Workforce Housing and Community Retail: GCC-wide real estate demand is projected to grow at a 7% CAGR through 2034, driven by population growth, expatriate inflows, and government-backed urban development programmes, according to Alpen Capital's 2026 GCC Real Estate Industry Report.
This is the demand backdrop the Income Fund is built to capture: essential, income-producing real assets in structurally undersupplied categories, acquired without asset-level debt.
Sources: Knight Frank, JLL, Alpen Capital. Data as of Q2 2026.
How We Underwrite
We start with how it fails. Not how it performs.
Downside First
Every deal is stress-tested across three scenarios: Base, Downside, and Severe. We require the deal to survive all three before proceeding.
No Leverage at the Asset Level
We do not borrow at the property or SPV level. Returns are generated through operations, not financial engineering.
Conservative Entry Pricing
We target assets at or below replacement cost. We do not pay for optimism.
Margin of Safety
Cap rate expansion, rent decline, and extended vacancy are modelled explicitly, not treated as tail risks.
Scenario Analysis
Three scenarios. Every deal.
Occupancy
- Base Case
- 92%
- Downside Case
- 78%
- Severe Case
- 62%
Rent Growth
- Base Case
- +3% p.a.
- Downside Case
- Flat
- Severe Case
- −8%
Exit Cap Rate
- Base Case
- As underwritten
- Downside Case
- +75 bps
- Severe Case
- +150 bps
IRR Outcome
- Base Case
- 9–11%
- Downside Case
- 6–7%
- Severe Case
- Capital preservation objective
Illustrative only. Actual scenarios vary by asset. Past performance is not indicative of future results.
Investment Calculator
Model the outcome, before you commit.
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Scenario
All figures shown in this calculator are net returns to the investor, after all fees, carry, and hurdle calculations.
- Management fee: 1.5% years 1-2, 1.0% years 3-5, on called capital
- Preferred return: 8% hard hurdle
- Carry: 20% above hurdle, no GP catch-up
- Subscription fee: up to 2%, discretionary, entry charge only
- Hold period: 5 years, for illustration
YearDistributionCumulative cashExit value
Year 1$7,500$7,500
Year 2$7,500$15,000
Year 3$8,000$23,000
Year 4$8,000$31,000
Year 5$8,000$39,000$108,526
Year 1
- Distribution
- $7,500
- Cumulative cash
- $7,500
- Exit value
Year 2
- Distribution
- $7,500
- Cumulative cash
- $15,000
- Exit value
Year 3
- Distribution
- $8,000
- Cumulative cash
- $23,000
- Exit value
Year 4
- Distribution
- $8,000
- Cumulative cash
- $31,000
- Exit value
Year 5
- Distribution
- $8,000
- Cumulative cash
- $39,000
- Exit value
- $108,526
Total cash received
$147,526
Net IRR, 5 year
9.2%
Net MOIC
1.48x
This calculator is illustrative only and does not represent a guarantee of any outcome. Actual returns depend on the Fund's actual performance, are subject to the terms of the Fund's offering documents, and investors may lose some or all of their invested capital.
The calculator intentionally does not show a best-case or upside scenario. What is shown reflects Base, Downside, and Severe cases only. Outperformance versus the Base Case is what we underwrite toward on every investment, but it is not modelled or promised here.
Investor Profile
Designed for investors who underwrite risk before return.
Built to survive the years the market doesn't. For capital that answers to no one but itself.
Family Offices & Private Wealth
Investors seeking targeted, inflation-aware yield from real assets, without the complexity of leveraged structures.
Institutions & Endowments
Shariah-observant allocators requiring institutional governance, institutional-grade disclosures, and multi-jurisdiction access.
HNWIs & Accredited Investors
Qualified individuals seeking direct real asset exposure with operator-level alignment and transparent reporting.
Retirement & Legacy Planners
Investors prioritising durable, distributable income and capital preservation over the next decade, with wealth intended to pass to the next generation intact.
Post-Liquidity Business Owners
Founders and operators redeploying proceeds from a sale or exit who want real asset backing, no leverage risk, and terms they can read in full before committing.
Built to withstand volatility.Not to look good in a spreadsheet.
Takes about 2 minutes. We'll follow up if you qualify.
Target returns are objectives, not guarantees. All investments carry risk of loss. U.S.: Regulation D Rule 506(c).