Project summary document

Project description
and objectives:

The proposed project is an equity investment into Russia Development Fund (“the Fund”), an investment vehicle pursuing long-term capital appreciation through investments in real estate developers and specific real estate projects in Russia, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Ukraine, and Uzbekistan.

The Fund will be organised as a master fund with two investment portfolios. The first Portfolio will be invested into private equity style investments in real estate developers in Russia and the CIS (the “Developer Portfolio”) and the second portfolio will be invested into specific real estate project investments (the “Project Portfolio”).

Another leading institutional investor in Russian real estate will be a major investor in the Fund.

Transition impact:

The strategic input of the Bank is essential in various aspects:

The key objective of the Bank’s involvement lies in the support of a real estate fund which will concentrate its activity on real estate markets in Russia, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Ukraine, and Uzbekistan.
EBRD’s catalyst role will support the development of the secondary markets and will provide a hands-on support for the restructuring and/or development of the corporate governance of investee companies. This will provide much needed liquidity and encourage equity investors to expand their participation in the real estate sector in the Region.

The client:

A special purpose vehicle, the Russian Developer Fund, organised under the laws of the Cayman Islands and managed by IMG Partners Ltd (fund management company with a solid track of private equity investments in Russia).

EBRD finance:

20% of the Fund’s total equity up to EUR 75 million.

Total project cost:

Up to EUR 450 million.

Environmental impact:

Screened FI. The Client is required to implement the Bank’s Environmental Procedures for Equity Funds for the Developer Sub-Fund, and Environmental Procedures for Property Funds for the Project Sub-Fund including adequate environmental due diligence and monitoring for each sub-project and submission of Annual Environmental Reports to the Bank.

Technical
cooperation:

None.

For consultant opportunities for projects financed by technical cooperation funds, visit procurement of consultants.

Company contact:

Ms. Janet Woo
Principal Banker
EBRD
One Exchange Square
London EC2A 2JN
Tel. +44.207.338.6720
Email: wooj@ebrd.com

EBRD contact:

Gregory Golovkin, Operation Leader: golovkig@ebrd.com

Business opportunities:

For business opportunities or procurement, contact the client company.

General enquiries:

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com