Qatar's investment company Barwa Real Estate Company (BREC) and Gazprombank, one of Russia's top three lenders, plan to set up a $500 million fund to invest in construction of housing and commercial real estate in Russia, Vedomosti business daily reported on Monday.
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, the paper quoted Gazprombank Executive Vice President Anatoly Milyukov as saying.
MOSCOW, January 17 (RIA Novosti)
