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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...

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October 3, 2009 10:46 by



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.”



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1 Comment

  1. DeniseTheMenace on October 4, 2009 11:04 am

    Hey you got the numbers all mixed up in this post…. Or am I to believe Herr Júrgén intends to mis-quote….. Please do hire a better (if not the first…) Editing guy ……

    Keep the Faith !!!!

     

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