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    Gazprombank, Qatar's BREC set up $500 mln Russian real estate fund

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    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.

    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)

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