Li’s PineBridge to Spend $400 Million on Gulf Property - Bloomberg

Li’s PineBridge to Spend $400 Million on Gulf Property - Bloomberg:



"PineBridge Investments LLC, the money manager controlled by Hong Kong billionaire Richard Li, plans to invest about $400 million in real estate across countries including Saudi Arabia and the United Arab Emirates.



A fund focused on the six Gulf Cooperation Council countries will target sale-and-leaseback deals for shopping centers, warehouses and infrastructure such as schools and hospitals, Talal Al Zain, PineBridge’s chief executive officer for the Middle East, said today in an interview. The fund plans to raise $200 million and borrow the rest.



PineBridge’s GCC Real Estate Fund is targeting a market benefiting from population growth, a growing middle class and government spending on education and health care. The International Monetary Fund predicts economic growth in the Middle East and North Africa region to reach 3.8 percent this year. The GCC countries are Saudi Arabia, the U.A.E., Kuwait, Bahrain, Qatar and Oman."



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