The Marbleton Property Fund has formed a joint venture with Moscow-based Storm Properties to develop a 100,000 m[sup]2[/sup] suburban office park on the outskirts of the Russian capital The joint venture recently acquired a nine-hectare land plot for the project, according JER Partners, which along with Russian private equity group Alfa Capital Partners is a sponsor of the Marbleton Fund. JER is the global real estate investment arm of the J.E. Robert Companies.
The Marbleton Property Fund has formed a joint venture with Moscow-based Storm Properties to develop a 100,000 m2 suburban office park on the outskirts of the Russian capital The joint venture recently acquired a nine-hectare land plot for the project, according JER Partners, which along with Russian private equity group Alfa Capital Partners is a sponsor of the Marbleton Fund. JER is the global real estate investment arm of the J.E. Robert Companies.
Malcolm Le May, President Europe at JER Partners, commented: 'We strongly believe that this transaction offers an opportunity to capitalise on the supply and demand imbalance for high quality office space in Moscow in general and a trend toward more efficient and less expensive space outside of the city limits'.
The EUR 226 mln Marbleton Property Fund had its final closing in June 2007 and it focuses on investments across all property sectors in Russia, Ukraine and CIS and purchases existing properties as well as participates in development.
Storm Properties is owned by Pik Group, a Moscow-based residential real estate development company with a listing in London and Moscow. Currently, Storm has about 450,000 m2 of space under development. At the end of August, a 50%+1 share of the company was acquired by Pik.
