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Powered by GulfNews.com, one of the most popular daily English language newspapers in the United Arab Emirates.

Hines plans $1b real estate fund


10/03/2009 11:20 PM | Reuters

Abu Dhabi: International real estate firm Hines plans to set up a $1 billion (Dh3.6 billion) asset fund focusing on the UAE, a company official was quoted on Saturday as saying.

Jurgen Herre, Hines' head of Middle East and North Africa region, said the company aimed to raise between $250 million and $500 million from regional funds and investors, a newspaper reported.

The fund would have "about $1 billion worth of firing power with leverage" in combined debt and equity for undervalued properties in the UAE and possibly the wider region, Herre said. He added that the money could be used to make up to 12 large 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."

The fund, which Hines plans to launch in six to nine months, could help some developers to proceed with their projects, the newspaper said.

It added that the launch could be delayed if oil prices fall significantly.

Privately owned Hines currently controls assets valued at approximately $25.8 billion, according to its website.

 
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