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About the Fund

SP Realty Fund is a closed-ended, Bahrain-domiciled Exempt Collective Investment Undertaking (CIU) operating as a Protected Cell under Blue Aster Capital Fund PCC, structured exclusively for Accredited Investors.

The Fund provides institutional access to Dubai real estate development opportunities, focused on high-value land acquisition and structured residential development executed through a dedicated Dubai-based Special Purpose Vehicle, BAC Realty LLC. Capital deployment and development execution are carried out in partnership with Pantheon Developers LLC, a leading regional developer with an established delivery track record.

The Fund operates under the regulatory framework of the Central Bank of Bahrain (CBB) Rulebook Volume 7, with all project cash flows routed through RERA-regulated escrow accounts in Dubai, ensuring transparency, investor protection, and regulatory compliance throughout the investment lifecycle.

SP Realty Fund

Investment Strategy

SP Realty Fund follows a structured, development-led real estate strategy designed to generate predictable cash flows and capital appreciation through disciplined project selection and institutional governance.

Strategy Framework
• Opportunity Selection:
Target high-quality land parcels and development opportunities within Dubai's strategic growth corridors, focusing on locations with strong infrastructure connectivity and sustained residential demand.
• Structured Development Model:
Execute acquisitions and development through BAC Realty LLC, with construction and delivery managed by Pantheon Developers LLC under contractually defined obligations.
• Risk-Controlled Execution:
Comprehensive technical, legal, and financial due diligence is conducted prior to deployment, supported by independent valuations, escrow-based fund flows, and continuous oversight by Blue Aster Capital.
• Cash Flow & Exit Discipline:
Returns are generated through a combination of development profits, structured distributions, and strategic exits via asset sales, refinancing, or project completion, with semi-annual distributions following an initial moratorium period.

This approach is designed to balance capital protection, income visibility, and long-term value creation within Dubai's regulated real estate ecosystem.

Fund Terms and Structure

Feature
Terms
Minimum Investment
$100,000 USD
Investment Horizon
5 years (with potential early liquidation upon project completion)
Management Fee
1% p.a.
Performance Fee
15% above hurdle rate
Hurdle Rate
12%
Expected Returns
18% gross IRR
15.5% net IRR (after fees and expenses)
Distribution Policy
Semi-annual distributions following Year 1 moratorium
Audit
Annually
Target Fund Size
AED 150 million (with 10% Green Shoe option)
Sponsor Commitment
Minimum 10% of Fund
Fund Registrar & Administrator
Yasira
Accounting
Russell Bedford
Research
CREBACO
Banking
BBK – Bank of Bahrain and Kuwait
Legal Advisory
Hassan Radhi & Associates
External Audit
BDO Bahrain
Internal Audit
Grant Thornton Abdulaal