Ex-Och-Ziff exec sets up Clifton Real Estate
A former employee of Och-Ziff Capital Management Group has established a new Singapore-based firm which will invest in small and medium-sized properties.
Clifton Real Estate was founded by Zain Fancy, who joined Och-Ziff in 2008 as head of a joint property venture between the firm and several ex-Morgan Stanley executives.
Last year he sued the New York-based fund manager in Singapore for around $8 million in unpaid compensation, claiming he was unfairly dismissed. He also initiated arbitration proceedings against Och-Ziff in London for an undisclosed amount.
Fancy's new company will initially target properties worth up to $100 million located in Singapore. "Our focus is on small to mid-sized transactions that are of less interest to some of the larger developers or investors," he told Reuters.
While Clifton will fund small deals alone, it intends to co-invest with other entities on larger transactions.
Records held by Singapore's Accounting and Corporate Regulatory Authority indicate that Clifton was formed in September. Prior to Och-Ziff, Fancy was head of Morgan Stanley's Asia real estate investment business.
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