Marbleton Property Fund

Location:

Regional

Project number:

36220

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

FI

Target board date:

13 Dec 2005

Status:

Completed

PSD disclosed:

11 Nov 2005

Project Description

The proposed project is an equity investment of up to USD 40 million or 20% of the total capital of the Fund. The Fund will invest in institutional quality property developments and income-producing real estate assets predominantly in Moscow, St. Petersburg, and Kiev. Investments in other CIS countries and regional centres will also be considered. The target portfolio is a well-diversified mix of office, retail, industrial, residential – and to a limited extent – hotel assets.

Transition Impact

  • The Fund will help promote the development of institutional grade properties.
     
  • In part thanks to EBRD’s participation, the setting up of the Fund will help introduce new investors to the CIS real estate market
     
  • The Fund will foster knowledge and skills transfer. JER Partners’ (“JER”) outstanding experience and high standards will be replicated in the real estate asset management sector in the CIS countries. JER’s and Alfa Capital Partners’ (“ACP”) joint management of the Fund’s operations will help demonstrate the importance of gathering an experienced team with extensive track record and local market knowledge.

The Client

A special purpose vehicle, organised under the laws of the Cayman Islands, managed jointly by JER and ACP. JER is a reputable real estate private equity company, managing funds in the United States and Europe with a cumulative capital of USD 2 billion. ACP is a Russian private equity and real estate investment firm affiliated with the Alfa Group, one of Russia’s largest financial and industrial groups. JER and Alfa will jointly invest USD 20 million in the Fund. The residual amount of up to USD 180 million will be contributed by institutional investors from Europe, North America, the Middle East as well as by EBRD.

EBRD Finance

20% of the Fund’s total equity up to USD 40 million.

Project Cost

Up to USD 200 million.

Environmental Impact

Screened FI.

Due diligence has confirmed that the Fund Manager has the necessary commitment and experience to implement the Bank’s environmental requirements. The Fund will be required to implement the Bank’s Environmental Procedures for Property Funds across all its operations to conduct environmental due diligence and monitoring of each sub-project, to ensure that each sub-project complies with relevant national and EU environmental, health and safety standards and requirements and to submit annual reports on environmental, health and safety issues to the Bank.

 

Technical Cooperation

None.

Company Contact

Jonathan Hodnett
JER Partners
Berkeley Square House
Berkeley Square
London W1J 6BY

Richard Sobel
Alfa Capital Partners
7/2 Staraya Basmannaya
Moscow 105064

 

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

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.