Logistics & Warehousing
Last-mile and regional distribution assets with long-term lease structures and strong tenant covenants.
What We Do
Built for capital preservation. 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.
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.
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 preserved
Illustrative only. Actual scenarios vary by asset. Past performance is not indicative of future results.
Investor Profile
Designed for capital that cannot afford to be wrong.
Family Offices & Private Wealth
Investors seeking stable, inflation-linked yield from real assets — without the complexity of leveraged structures.
Institutions & Endowments
Shariah-compliant allocators requiring institutional governance, professional disclosures, and multi-jurisdiction access.
HNWIs & Accredited Investors
Qualified individuals seeking direct real asset exposure with operator-level alignment and transparent reporting.
Built to withstand volatility.Not to look good in a spreadsheet.
Accredited and qualified investors may request access to fund documentation.
Target returns are objectives, not guarantees. All investments carry risk of loss. UAE: SCA regulated · U.S.: Regulation D 506(c).