The Marbleton Property Fund, co-sponsored by JER Partners ('JER') and Alfa Capital Partners ('ACP'), has formed a joint venture with Storm Properties to develop a 100,000 m² suburban office park on the outskirts of Moscow. The joint venture recently acquired a 9 hectare land plot for the project.
Malcolm Le May, President Europe at JER Partners, commented: "We strongly believe that this transaction offers an opportunity to capitalise on the supply and demand imbalance for high quality office space in Moscow in general and a trend toward more efficient and less expensive space outside of the city limits".
Richard Sobel, Chief Investment Officer of Alfa Capital Partners said: "We are delighted to have Storm Properties as our partner in this highly attractive deal. They are clearly one of the best-in-class development companies. A combination of their outstanding market knowledge, their local relationships, their experienced team and their track record in the business park development make them an extremely valuable partner for us".
Michael Belton, President of Storm Properties said: "We are excited to work with the Marbleton Property Fund to be able to combine our knowledge of the local real estate market with the international pedigree of the Marbleton team".
Source: Marbleton Property Fund