Kuwaiti Islamic Bank Returns to Investments in US

KUWAIT CITY (AP) -- Kuwait's largest Islamic bank said Sunday it has signed a $450 million deal with a U.S. real estate investment trust to buy high income residential real estate in major American major cities.

The deal between Kuwait Finance House and Denver, Colorado-based apartment building owner UDR Inc. is the second major foreign investment by a rich Gulf nation in the past few days.

''The joint venture will seek to acquire high income residential real estate in major cities in the United States,'' according to a statement posted on KFH's Web site. Under the deal signed in London on Friday, KFH's participation is 70 percent while UDR will shoulder a 30 percent share, the statement said...Read More