Hines to create $1bn fund to buy distressed assets in UAE
International real estate company Hines announced it will establish a $1 billion asset fund to snap up distressed...
October 3, 2009 10:46 by kippreport
International real estate company Hines announced it will establish a $1 billion fund to snap up distressed assets in the UAE, reported The National on Saturday.
Jurgen Herre, head of the Middle East and North Africa region at Hines, said the firm plans to raise between $50 million and $250 million from the region, to help achieve the company’s $1 billion goal.
Herre claims Hines would use the money to make up to 12 significant investments.
“For the last two years we did not invest because we felt there would be a price correction,” Herre was quoted as saying. “But in six to nine months, we will start investing equity into projects with our institutional partners. There are major opportunities now.”