Russia Development Fund II

Location:

Regional

Project number:

43360

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

FI

Status:

Cancelled

PSD disclosed:

03 Jan 2012

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

 

Business opportunities

For business opportunities or procurement, contact the client company.

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