Prosperity Capital Management investment firm branched out into real estate in the fourth quarter of 2010 by acquiring a 5.64% stake in RGI International property company, RBC Daily said on Friday.
RGI International Prosperity bought the shares on the open market, RBC said.
Before the acquisition, Prosperity Capital Management's portfolio included food and retail firms, as well as telecoms and power companies stakes, RBC Daily said. In the construction sector, Prosperity Capital Management is a minority stakeholder in Iskitimtsement cement plant, controlled by RATM Holding's owner Eduard Taran.
RGI International is owned by D.E.S. Commercial Holding, which holds a 40.22% stake, Synergy with a 22.25% stake, Morgan Stanley with a 6.6% stake, Kensington Gore with a 5.38% stake and Lansdowne with a 4.76% stake. The remaining 20.8% is free float.
The developer's five projects are estimated at $759.2 million. The firm is to build 1.4 million square meters of residential and commercial property, with the lion's share to be constructed in the mass housing segment, which is new for the developer.
MOSCOW, January 14 (RIA Novosti)
