MANAMA: PineBridge Investments Middle East B.S.C. (c) (PBME), a global multi-asset class investment manager, with regional headquarters in Bahrain covering the Middle East, North Africa and Turkey, has completed the first close of PineBridge GCC Real Estate Fund I L.P. raising over $140 million. The Fund surpassed its target first close of $100 million and has a final close target of $200 million.
The Shari’a compliant Fund will invest in income-producing real estate assets in the Gulf Cooperation Council (GCC) countries. The Fund offers investors the opportunity to invest in existing properties with established rental revenue, and a focus on logistics and warehousing, social infrastructure (healthcare and education), and community retail.
“There are a number of opportunities to invest in specialist real estate assets that generate stable returns and unlock capital for business owners in the GCC. The target sectors—logistics, social infrastructure and community retail—are key contributors to the economic growth and development of the region, as well as for job creation,” Talal Al Zain, Chief Executive Officer of PineBridge Investments Middle East, said.
“Combining global expertise with extensive experience in investing in the Middle East, PineBridge is well-placed to source robust investment opportunities tailored to suit sophisticated investors. We have an experienced, regional real estate investment team with a proven transactional track record, and a sound understanding of assets with strong long-term potential,” he added.
Due to the growth in demand for social infrastructure and warehousing facilities, specialist real estate investments in the region continue to offer investors appealing returns.
The Fund will utilize these trends by investing in fully-developed income-generating properties with solid, long-term leases and quality tenants.
A UAE-based school campus operated by GEMS Education Ltd, acquired by PineBridge Investments Middle East late last year in a sale-and-leaseback transaction, is the seed asset for the Fund.
PineBridge is a global asset manager with nearly 60 years of experience in emerging and developed markets, delivering innovative alpha-oriented strategies across asset allocation, equities, fixed income and alternatives. PineBridge manages approximately $71.4 billion, as of 31 March 2014.