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IMG acquires 30% of Russian development company

Investment Management Group, the Russia-focused company co-founded by Maksim Kunin who took Morgan Stanley into Russia for the first time, has struck a deal to take a stake in Moscow-based Kvartsroy.

Investment Management Group’s Russia Development Fund has acquired a 30 percent stake in Kvartstroy Company, a Moscow-based development firm focusing on the Russian regions and Kazakhstan.

The Russia Development Fund made the investment through an acquisition of newly issued shares in the company, it said in a statement without revealing the transaction value.

The fund has just completed fundraising and counts the European Bank for Reconstruction and Development, Immoeast AG, and Aberdeen Indirect Property Partners as investors, according to the management company. As well as Kvartstroy Company, the fund has invested in St Petersburg-based developer, Okhta Group.

Kunin, who co-founded IMG with Igor Turkin, said the fund was investing despite current falls in Russia. Hen property values. He added Kvartstoy was a company that survived and grew out of the 1998 crisis in Russia and 2007 crisis in Kazakhstan.

Kunin was responsible for Morgan Stanley Real Estate investment in Russia between 2005 and 2007, taking the firm into the country for the first time. Prior to that he was head of Fleming Family & Partners' effort to launch FF&P Russia Real Estate, the first institutional investment fund in Russia.