Hines, one of the largest investors in the real estate market, today announced the creation of the Hines Russia & Poland Fund in Luxembourg last week, Vedomosti reported.
The fund's equity volume totals 390 million euros ($490 million). Taking into account debt financing, it may invest more than 900 million euros in real estate in these countries.
Lee Timmins and Mietek Godzisz will lead a team of Hines employees in Russia and Poland on behalf of the fund, managed by Simon Shen. It will allot 80 percent of the fund to Russia.