Abu Dhabi Investors The National Bank of Abu Dhabi (NBAD) and British Investment bank Evans Randall will invest about $20 million in a European property fund, the Reuters is reporting.
The joint venture, which will have a target size of $500 million, will focus on the UK and German markets. It will provide "mezzanine" financing (which ranks below senior debt and above equity) filling the gap which has been created by the change in the banking market. They have originally signed their MOU on December last year, so they seem serious about it.