Alpamint Capital and DN Capital, the property investor and operator founded by David Nourani, are collaborating to launch the latter’s second London property fund, DN Capital Fund II.
The target is to raise £100 million to provide high-quality residential property in London, ‘facilitating the continued acquisition of strategic sites well-placed for development’.
DN Capital has already acquired a number of key sites across the capital via its first London property fund, with monies raised this time around set to go towards developing this existing portfolio.
The firm also has a range of commercial premises throughout London and says it is committing ‘significant capital investment’ to convert and expand these building into superior high-quality residential units, ranging from co-living/co-working units to hotels and student accommodation.
DN Capital recently revealed proposals for approximately 1,000 residential units across London, located in Edgware, Burnt Oak, Finchley, Hampstead, Totteridge & Whetstone, Brixton, Camberwell, Elephant & Castle, Romford and Dagenham. The units are set to be ready for occupation by mid-2025.
Alpamint Capital, an asset manager and investor in projects focused on maintaining and developing strong assets which produce solid ROIs and outperform industry averages, has developed more than 50,000 sq ft of residential space since 2011.
“Our first fund saw a successful capital raise of circa £20 million in March last year, money which was used to acquire strategic sites in London,” Nourani, the founder and current chief executive of DN Capital, said. “Our aim is to take this to the next level, building on that success and developing the portfolio.”
He said the company’s experience and presence on the ground leaves them well-placed to realise investors’ ambitions and deliver attractive returns, ‘while also providing the London residential market with quality offerings, supporting local growth and regeneration’.
“Our success to date is based on the ability to acquire strategic landmark sites primed for development and to do so at pace. We have one million square feet of residential development to build out across London, with a GDV upwards of £350 million.”
The partnership with Alpamint Capital was set up by its managing director, Joseph Zekaria, a veteran portfolio director who has developed more than 100,000 sq ft of residential units along with his in-house team.
Zekaria said: “We are delighted to work alongside DN Capital once again in launching this new fund, targeted at institutional and private investors. As we proved with the first London fund, our shared strategy and business model offers investors attractive opportunities for long-term, sustainable capital growth in London.”
Zekaria, who began his career as a strategy consultant at Accenture before qualifying as a corporate finance solicitor at Howard Kennedy, founded Alpamint Capital in 2011.
Nourani, who traded chocolate muffins in the school playground before trading exotic credit derivatives at Deutsche Bank and then joining Goldman Sachs as its youngest property derivatives trader, founded DN Capital last year.