Marbleton Property Fund has teamed up with Alfa Bank Ukraine and Griffin Investment Partners to form a joint venture to acquire a EUR 100 mln portfolio of high-street properties in secondary cities in Ukraine. Each of the partners has so far committed EUR 10 mln to the venture called Metropolitan Properties.

Marbleton Property Fund has teamed up with Alfa Bank Ukraine and Griffin Investment Partners to form a joint venture to acquire a EUR 100 mln portfolio of high-street properties in secondary cities in Ukraine. Each of the partners has so far committed EUR 10 mln to the venture called Metropolitan Properties.

Marbleton Property Fund is a $321 mln private equity real estate fund, co-sponsored by JER Partners and Alfa Capital Partners with a focus on real estate investments across all property sectors in Russia, the Ukraine and other CIS countries. The fund closed in June 2007.

Griffin Investment Partners has successfully implemented a similar strategy in Poland and is looking to expand into Ukraine and other CIS countries. The joint venture expects to acquire its first assets in the first quarter of 2008.

Malcolm Le May, President Europe at JER Partners, commented: 'We are delighted to be creating this platform partnering with GIP's proven business model and Alfa Bank Ukraine’s local network of contacts in order to target the Ukrainian property market.'