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 Tuesday, May 24 2022 @ 11:50 pm UTC

Direct Investment to Russian Real Estate to be Launched

General NewsA fund for direct investment in Russian real estate is being launched, Sistema, the largest corporation working on the services market inthe CIS, the asset management company group Renova and the Whitehall Street Real Estate Funds investment group.

Financed and managed by The Goldman Sachs Group Inc and its affiliates have signed an agreement toset up the fund, says a Sistema press release issued on Friday.

The CIS, managing market-leading businesses in fast-growing service-based industries, including telecommunications (MTS, MGTS, Comstar United Telesystems), technology (NIIME and MIKRON, STROM telecom, Sitronics, Quasar Micro), insurance (ROSNO), banking (MBRD), real estate (Sistema-Hals), retail (Detsky Mir Group) and media (Mass Media Systems). In February 2005, Sistema raised $1.3 billion in a share placement on the London stock exchange, and Sistema is the largest consumer services private sector company in Russia.

Sistema-Hals whose specialties enable a comprehensive approach to implementing all project phases, from development to construction and subsequent operation of a property. It also manages operations at over 50 companies. While The Renova group owns shares and invests strategically into Russian companies and holdings working in the metallurgy, oil, machine building, mining, chemical, construction, energy, utilities and financial spheres.

Renova is a share holder in major extraction and industrial structures.

Such as: TNK-BP, the Sual holding, the Complex Energy Systems, the Russian Communal Systems, the Koltsovo airport in Yekaterinburg and the non-state Bolshoi Pension fund.

The group also includes: investment companies working in real estate [Renova Development, Renova Stroi Group], portfolio investment [Direct Investments Fund] and intangible asset management [Corporate Development Institute].

By: Dijon Wainwright

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