In Russia, FF&P is the first western fund intending to invest over $1 billion only in development.
Photo: Alexey Kudenko
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Fleming Family to Accommodate in Russia
Britain’s Fleming Family & Partners (FF&P) has announced new investments in the real estate in Russia. The company that winds up its first fund here in spring has set to establishing a $1-billion facility already. For this purpose, it placed the stocks of subsidiary, FF&P Russia Real Estate Development, worth $150 million October 1.
FF&P is one of the western funds that were the first to invest in real estate of Russia. FF&P acquired a business center on Gogolev St., Moscow, in 2003 and bought Tverskaya Zastava premises in the city in 2005.
The last deal of the fund is due to be completed in late April 2007. After it, its portfolio will amount to $150 million and the fund will be closed, said Natalia Pirogova, managing partner at Property Advisor (asset management company of FF&P).
Nowadays, FF&P is setting up the second fund with portfolio comprising developer’s projects exclusively. On October 1, FF&P privately placed 100 percent in FF&P Russia Real Estate Development for a total worth of $150 million. With the borrowed money taken into account, a new fund will have a portfolio of around $300 million.
The money will be invested in the following few months, Pirogova pointed out, and the portfolio will exceed $1 billion in future. “We plan the second placement for early next year, and intend to attract credit financing,” Pirogova said. The funds will be spent for development of warehouse, trading and office premises in Moscow and in the regions.
www.kommersant.com
All the Article in Russian as of Oct. 13, 2006
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