PIK Group, the listed Moscow-based real estate firm, is to raise a $1 billion (€640 million) real estate fund open to both Russians and foreign investors.
A spokeswoman for the company, which last year raised $1.9 billion by selling approximately 16 percent in a free float, told PERE that the new vehicle will mainly invest in commercial real estate.
PIK broke the record last year for becoming the largest ever IPO by a private Russian company when it listed on the London stock exchange.
Since its June 2007 float it has diversified away from being a pure residential developer to becoming active in commercial property by acquiring a stake in commercial property developer, Storm Properties. It has also stuck up joint venture relationships with non Russian investors, most notably GIC Real Estate.
For more details on the fundraise, read the June issue of PERE magazine.