Russia Development Fund II

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 43360

Status Cancelled

Location

Regional

Business Sector

Real Estate

Notice Type

Private

Project ID 43360

Status Cancelled

Location

Regional

Business Sector

Real Estate

Notice Type

Private

Environmental Category

Disclosure date

03 Jan 2012

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The proposed project envisages equity commitment of up to US$ 30 million, but not exceeding 20 per cent of total aggregate capital commitments to Russia Developer Fund II (the Fund), the successor fund managed by IMG Partners Limited (IMG).

The Fund’s objective is to seek intermediate and long-term capital appreciation through investments in real estate developers and stand alone real estate projects in Russia and CIS (the Region). The Fund will focus on investments in the residential and retail sectors, with minor allocation to other real estate sectors.

Transition Impact

IMG is well positioned to meet transition criteria of EBRD by having a well established team with good experience in both private equity and real estate financing and development. The Fund will provide much needed liquidity and encourage investors to expand their participation in the real estate sector in the Region.

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 the Region. The Fund will support real estate development by adopting a hands-on approach, transferring operational expertise and introducing local developers to energy efficient building standards.

The Client

IMG is a fund management company with a solid track record of investments on the Russian and Kazakh real estate markets.

EBRD Finance

Equity investment of up to US$ 30 million to the Fund but not exceeding 20 per cent of total aggregate capital commitments.

Project Cost

Up to US$ 150 million.

Environmental Impact

Screened FI. IMG is committed to encouraging projects to adopt green building techniques. To achieve this goal, the Fund Manager will encourage its investee developers to take an integrated approach to sustainability, reducing their environmental impact through better location, design, construction, operation and maintenance.

The Fund Manager's approach is based on the LEED methodology, but tailored to the local conditions. The Fund is required to comply with the Bank’s Performance Requirements 2 and 9 including the Referral and Exclusion Lists and submission of an annual environmental and social report to the Bank.

Technical Cooperation

None.

Company Contact

Mr. Igor Turkin, Managing Partner: E-mail: Igor.turkin@imgcis.com

Mr. Maksim Kunin, Managing Partner: E-mail: Maksim.kunin@imgcis.com

Transition impact

ETI Score:45

PSD last updated

21 Jan 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

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

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

Our story

How we invest in changing lives

What we offer for businesses

Search