Capital preservation first.

Commercial Land Banking and Grade A Office Co-Development Platform

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Available to qualified investors only.

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Returns

Up to 20% IRR

Target Outcome

Up to 2.0x

Investment Period

36 Months

Fund Economics

Target Net IRR

18–22%

Target Multiple

~1.8-2.0x (case-dependent)

Fund Size

50 Million USD

Fund Life

3 years + 1 year extension

Investment Period

36 months

Minimum Investment

USD 500,000

Structure

Regulated private fund

Management Fee

Hurdle Rate

Performance Fee

20% carry above hurdle

What Drives Returns

Below-replacement commercial land acquisition
JV-led grade A office development uplift without risk
Multiple exit pathways enabling cycle-agnostic monetization

Capital Flow

LP Capital

Manzil Fund

Commercial Land Acquisition

JV with Grade-A Developer

Grade-A Commercial Building

Exit via Sale

Structured Co-Development Of Grade A Offices

Manzil invests in risk-adjusted commercial land within supply-constrained Dubai sub-markets, partnering with experienced developers to unlock value through structured co-development.

We do not pursue speculative residential development or long-dated, blind risk.

Our focus is on assets where:

Downside is land-backed
Upside is driven by structure, speed, and pricing discipline
Returns are not dependent on market appreciation alone

Returns are driven by three core levers:

Why Commercial Land and Grade-A Offices

A discussion on
commercial land and Grade-A offices

Why commercial land banking

−

Commercial land provides a tangible downside anchor, while development optionality allows value creation without committing to full execution risk upfront.

Commercial land is economically viable to develop (shell and core vs. full residential build-out)
Higher exit premiums compared to residential assets
Clear institutional liquidity from developers and end buyers

"Land protects capital. Development creates upside."

Why Grade-A Offices

Grade-A office assets attract institutional demand, trade at pricing premiums, and exhibit more resilient occupancy relative to non-core commercial stock.

Core business districts are near capacity
Limited new Grade-A office supply since 2016
Strong corporate and institutional tenant demand
Offices trade at a pricing premium with resilient occupancy

"Location Location Location"

Why Al Jaddaf (today)

Al Jaddaf is not a thematic bet. It is a pricing opportunity.

The area benefits from central connectivity, limited future commercial land supply, and institutional demand, while commercial land pricing has not fully repriced relative to finished asset values.

Our approach remains price and location-led.

Secondary markets under review:

Sheikh Zayed Road
Barsha Heights - SZR Facing
Meydan
Bu Kadra

We invest where the numbers work, and walk away where they do not.

Investment Process

Our investment process is designed to remove emotion and enforce discipline at every stage.

Typical investment cycle: 36 months.

1. Market and land screening

Micro-market analysis focused on pricing, supply constraints, and replacement cost benchmarks.

2. Underwriting and downside modeling

Base and stress scenarios modeled prior to capital commitment, with explicit downside protection thresholds.

3. Developer JV structuring

Partner selection based on execution track record, with governance, incentive alignment, and capital at risk built into joint venture structures.

4. Acquisition and approvals

Capital deployed only after land acquisition, regulatory approvals, and documentation are fully secured.

5. Acquisition and approvals

Capital deployed only after land acquisition, regulatory approvals, and documentation are fully secured.

6. Acquisition and approvals

Capital deployed only after land acquisition, regulatory approvals, and documentation are fully secured.

Capital Preservation

Capital preservation is the first priority.
Upside is underwritten only after downside scenarios are addressed.

Each investment incorporates:

Conservative land entry pricing
Mandatory contingency reserves
Developer co-investment alongside fund capital

Governance-led joint venture structures
Multiple exit paths, including land resale or development
Regulatory oversight - CES Investment DIFC (Fund manager)

How Capital Is Deployed (At a High Level)

LP capital is managed by the CES Investments DIFC and used only after strict investment conditions are met.

Capital deployment follows a two-layer risk filter:

Land Risk - Entry Price Discipline

Before any land acquisition:

The land must demonstrate historical pricing resilience.
Entry pricing is benchmarked against past transactions and market data.
Land must retain standalone value, independent of development.

Development Risk - Structured Co-Development JVs

Development exposure is through structured co-development JVs.

The developer co-invests alongside the fund.
Projects must meet predefined return thresholds in the base case.
Execution is governed by contracts on timelines, costs, pricing, and reporting based on uae law.

Market Research and Intelligence

Investment decisions are informed by independent third-party research and market data, alongside internal underwriting and pricing analysis.

Detailed market reports are available to registered investors.

Market Reports:

Our investment strategy is backed by thorough market reports and analysis from leading firms like CBRE, JLL, and Savills.

Manzil Asset Management Platform at glance

Trusted by 250+ UHNIs, HNIs, Family Offices & Institutions across India, Dubai, Bali & Thailand

10+ Years

Across real estate, hospitality, and asset management

500+ Assets

Assets under management totaling AED 500M+ AUM.

150+ Professionals

Operating across investment, development, and advisory

Our Grade A Co-Developer Standards

Manzil co-develops, focusing on execution quality for capital protection. We partner with developers meeting strict standards in pricing and performance.

What Defines a Grade-A Developer at Manzil

Pricing Power

Demonstrated ability to sell at a premium, reflecting superior design, strategic positioning, and strong buyer confidence.

Sales Velocity

Proven track record of fast sell-through, reducing exposure to market cycles and construction delays.

Post-Handover Performance

Projects show higher rental yields and sustained value appreciation, ensuring value creation extends beyond launch.

Leadership and Oversight

Saagar Panchal

CEO and Founder, Manzil Asset Management

Founder and CEO of Manzil Asset Management, a Dubai-based real estate investment platform managing over $500 million across 400+ properties.

Rashed Al Tamini

Strategic Advisor, Manzil Real Estate Investments

Real estate and finance professional with over 20 years of experience across high-value transactions and investor relations in the UAE market.

Danish Chotani (Fund Advisor)

CEO of Burj Financial

Senior investment and wealth management professional with over 30 years of experience across private banking, family offices, and institutional capital in the UK and GCC.

Markus Giebel (Fund Manager)

CEO, CES Investments

Senior real estate and corporate executive with over 20 years of experience leading large-scale residential and commercial development platforms globally.

Dmytro Polokovskyi (Fund Manager)

Managing Director, Beyond Investments LLC

Senior finance executive with experience across investment banking, fintech, and real estate, including board-level oversight and M&A execution.

Georgia Cailean

Chief Operating Officer, Manzil Asset Management

Georgia Cailean leads investment execution and portfolio performance across real estate, overseeing over EUR 900M. Her work includes underwriting and exit strategies.

Frequently Asked Questions

Who is this fund suitable for?

The Manzil Real Estate Fund ("MREF") is a regulated, commercial real estate investment fund focused on development and value-add real estate opportunities in Dubai, United Arab Emirates.

The Fund consolidates Manzil' active development pipeline into a single, professionally governed investment vehicle, offering investors real estate developer returns.

Who are the key parties involved?

Manzil Asset Management:
Acts as the sponsor, and asset manager, responsible for project sourcing, development execution, and delivery.
Fund Manager / Administrator:
DIFC-based, regulated, and independently responsible for fund governance, reporting, and compliance.

Is the fund regulated and where is it domiciled?

Yes.

Yes. The Fund is:

Registered in the Cayman Islands
Managed from the DIFC (Dubai International Financial Centre)

Regulatory oversight includes:

CIMA - Cayman Islands Monetary Authority
DFSA - Dubai Financial Services Authority

Investment Lifecycle

Fundraising round closing

Next 2 months

Post-close

4-6 Months for approvals & launch readiness

Sales launch

Around 7 Months

Sales execution and profit booking

By 8 Months (on paper as market conditions)

Investor Access

Detailed market research and underwriting materials are available to verified investors upon request.

Access includes:

Secure data room access
Fund pitch deck
Investment process documentation
Market research and underwriting materials

To proceed:

Provide verified contact details
Use a company email address
Execute NDA and access terms

This opportunity is available to qualified investors only.

How to participate

Review the fund materials
Have a private discussion with the team
Reserve a provisional, non-binding allocation

Manzil Real Estate Fund is a DIFC-regulated private investment vehicle. Past performance is not indicative of future results. Investments involve risk, including loss of capital.

Terms & Conditions