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Friday, November 16, 2018

Bank of Moscow extends $52.5 million to UFG Wealth Management real estate fund

The Bank of Moscow recently provided financing for UFG Wealth Management's real estate fund to purchase the Lincor business center in Moscow.

The deal is the first for UFG Wealth Management Fund, which provides investment and legal services aimed at large private capital in the commercial real estate field in Russia.

"Investing in commercial real estate in the capital city is a good investment solution for large capital. We were happy to work at the project together with the Bank of Moscow team, and we hope that this deal will become a perfect start for a long-term cooperation," Dmitry Klenov, managing partner at UFG Wealth Management, said.

Real estate investments are one of the company's key activities both in Russia and abroad.

At the end of 2013, UFG Wealth Management established the UFG Russian Commercial Real Estate Fund I for undertaking such projects.

"The first deal, opening the relationship between the Bank of Moscow and UFG Wealth Management was at the same time complicated and interesting in terms of its structure, speed and quality of implementation," Andrey Yumatov, a member of the board of the Bank of Moscow, said. "The final result, in our view, satisfied both parties and will serve as basis for fruitful cooperation in the future."