Bahrain-based investment manager Pinebridge has completed the first close of its GCC Real Estate Fund, having raised more than $140m.

It surpassed its first close target of $100m and aims to hit a final close target of $200m.

The Shariah-compliant fund offers investors a chance to invest in income-producing real estate assets within the Gulf, which covers existing properties with established rental revenue in sectors such as logistics and warehousing and healthcare and education infrastructure.

Demand for healthcare and education infrastructure in the Gulf is growing and with it attracting increased investment. In the UAE 200 more private schools will be required by 2020 to meet demand.