Russia's Gazprombank and Qatar's investment firm Barwa Real Estate plan to set up a $500m fund to invest in housing and commercial real estate in Russia, according to Vedomosti.
The paper quoted a joint statement by BREC and Gazprombank as saying the companies had established Barwa Gazprombank Russia Real Estate Fund to which they had contributed $75 million each.
The companies plan to expand the fund to $500 million and raise loans for the construction projects.
New fund raising for Russia's real estate sector has been largely dormant since the financial crisis hit in late 2008. Investors have taken large hits but there have been green shoots of life in the sector in the past year.
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