Amstar closes $335m fund

The private equity real estate fund has closed its first institutional property vehicle focused on developments in emerging markets of Asia and Eastern Europe. The fund is almost 90 percent invested, mainly in Russia and Turkey.

Amstar Global Partners has closed its first institutional property fund on $335 million, the firm said in a statement today.

The Westport, Connecticut-based firm will target joint venture development projects in emerging markets in Asia and Eastern Europe, notably in Russia, Turkey and India. The firm said the fund was 90 percent committed.

Amstar’s geographic focus will be on Russia and Turkey, a spokesperson told PERE, with around 40 percent of investments focused on Russian retail, industrial and land, with another 40 percent targeting Turkish retail. A further 10 percent will pursue three and four-star hotel developments in India.

Amstar was formed in 2007 by chief executive officer Jeffrey Rutishauser, a former veteran with AIG Global Real Estate Investors, leading the AIG/Lincoln Venture developing property in Central and Eastern Europe, and an ex-principal at Westbrook Partners and Northstar Capital.