SINGAPORE (Reuters) - Dubai's ETA Star Property Developers plans to raise up to $400 million through a fund and Islamic bonds to finance a drive into overseas markets as diverse as India, China, Cambodia and Laos.
The firm, part of privately held ETA-Ascon Group, is looking to supplement its own funds to develop 120 million sq ft of land in India, and enter other markets in Asia. It has also just snapped up land in Vietnam and Malaysia.
The new fund will be aimed at Middle East investors, said ETA Star Property's executive director, Abid Junaid.
"We're talking to institutional investors to raise $250 million in a first tranche," Junaid told the Reuters Global Real Estate Summit in Singapore.
He added that ETA Star also wanted to raise $100 million-$150 million from Islamic bonds, or sukuk: "Sharia-compliant products are very much in demand in the Middle East."
(For summit blog: summitnotebook.reuters.com/)
(Reporting by Dominic Whiting; Editing by Kim Coghill)
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