HDG Mansur Capital Group, the Dubai-based property fund manager, is raising $400m for a new publicly traded Shari’ah-compliant property fund. The Times. Financial Times

The Al-Umran Global Property Fund will be listed on the Dubai and London stock exchanges and is expected to have assets of up to $2bn, with 16 property sites in the US, the Netherlands, France and the UK. Deutsche Bank is handling the flotation.

HDG Mansur, which is targeting a dividend yield of between 5.75% and 6%, along with capital growth to take total annual returns to 12%-15%, has more than $800m of property already under contract. The focus of the initial portfolio is the US, where most of the existing properties are located.