International developer-investor Hines has announced the launch of its Hines Russia & Poland Fund after raising a total of EUR 390 mln for the vehicle.

International developer-investor Hines has announced the launch of its Hines Russia & Poland Fund after raising a total of EUR 390 mln for the vehicle.

The fund, which with leverage will have the firepower to invest up to EUR 900 mln, will focus on development projects with a view to investing EUR 720 mln in Russia and the remainder in Poland.

The fund has already allocated part of its funds by providing development finance for three new retail projects in Russia, involving the construction of two outlet centres in Moscow and St. Petersburg as well as a hypermarket asset in Moscow.

'In addition to our existing office projects in Russia, we were attracted to positive development prospects in the retail sector, due to the expanding middle class and the increasing purchasing power in Russia,' said Lee Timmins, senior vice president of Hines Russia.