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. Last Updated: 07/27/2016

Open Investments Raises $600M

Property developer Open Investments said Friday that it had raised 14.8 billion rubles ($591 million) through a rights issue aimed at financing acquisitions and development projects.

The company said the offering of about 2.04 million new shares had been placed in full at a price of 7,238.95 rubles, equivalent to $290 per common share and $36.25 per Global Depository Share.

ING Bank and Renaissance Capital were acting as joint lead managers on the offering, which was the fifth equity fundraising by Open Investments and the fourth since its initial public offering in 2004, which was the first Russian real estate IPO.

Open Investments focuses on residential real estate and office space in Moscow. It is 60 percent owned by Interros, the investment vehicle of billionaires Vladimir Potanin and Mikhail Prokhorov.