Morgan Stanley Real Estate's Special Situations Fund III has acquired a 25% stake in RBI Holdings, a St Petersburg-based developer active in the residential and retail sectors. The fund made the investment though a dedicated capital increase. The final details were not disclosed. Although Morgan Stanley has had a continuous investment banking presence in Russia since 1994, this was the real estate section's first transaction in St Petersburg.
Morgan Stanley Real Estate's Special Situations Fund III has acquired a 25% stake in RBI Holdings, a St Petersburg-based developer active in the residential and retail sectors. The fund made the investment though a dedicated capital increase. The final details were not disclosed. Although Morgan Stanley has had a continuous investment banking presence in Russia since 1994, this was the real estate section's first transaction in St Petersburg.
RBI Holdings has built more than 500,000 m2 of residential property since it was established in 1993 and another 418,000 m2 of space is in the design or construction stage. In April last year, RBI created a joint venture with Deutsche Bank to develop residential projects.