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. Last Updated: 07/27/2016

Real Estate In Brief

Agency Head Dismissed

President Vladimir Putin signed an order removing Sergei Podobed as head of the Federal Agency for Registering Real Estate, the presidential press service said Jan. 29.

Podobed had headed the agency since December 2006, Interfax reported. (MT)

Tashir Plans IPO for 2009

Tashir Group, which is building shopping malls across the country, plans to sell shares in an initial public offering in 2009, Kommersant reported Friday.

Tashir may sell as much as 15 percent of its stock in the offering, said Samvel Karapetyan, the company's president and biggest shareholder, the newspaper reported. (Bloomberg)

PIK Buys Black Sea Land

PIK Group said Monday that it had acquired land near the Black Sea to build housing in one of the country's four gambling zones.

PIK bought 2.6 hectares of land in Azov to build 55,000 square meters of housing, the company said in a statement. Azov is a city of 80,000 people near Rostov-on-Don. (Bloomberg)

RTM Chief Takes Majority

RTM Development chief executive Eduard Vyrypayev bought a 35.7 percent stake in the property developer, bringing his holding to a majority, the company said Friday.

Vyrypayev bought the stake from Georgy Trefilov, RTM's chairman and the owner of Russian retailer Marta Holding. The CEO now owns 71.4 percent of the company, RTM said in a statement. The purchase price was not disclosed. RTM has a market value of $351 million. (Bloomberg)

Ukrainian Developer's IPO

KIEV -- TOV Intermarket, a Ukrainian developer, wants to sell 30 percent of its shares through an initial public offering by the end of this year or in the first half of 2009, said chief finance officer Ihor Kondrat, Ekonomicheskiye Izvestia newspaper reported Friday.

Lviv-based Intermarket plans to raise $70 million by selling shares in Warsaw or London, Kondrat said, the newspaper reported. (Bloomberg)

Loan for Tbilisi Hyatt

TBILISI, Georgia -- The European Bank for Reconstruction and Development will lend $110.7 million to Georgian developer International Estate Investments for construction of a five-star Hyatt hotel in Tbilisi, the bank said.

The $200 million Park Hyatt Tbilisi will be built on the Mtkhvari River, which flows through downtown. (Bloomberg)

Orco Sales Rose 59%

PRAGUE -- Orco Property Group, a real estate developer that operates in Central and Eastern Europe, said Thursday that sales rose 59 percent last year, helped by acquisitions.

Sales advanced to 275.2 million euros ($408 million) in 2007 from 172.9 million euros in 2006, the company said in a statement. (Bloomberg)

Polnord Income Estimate

WARSAW -- Polnord, one of Poland's largest developers, expects net income to exceed "significantly" 200 million zloty ($82 million) this year, chief executive Wojciech Ciurzynski said, The Wall Street Journal Polska said Jan. 29.

Polnord is seeking a loan from the European Bank for Reconstruction and Development this quarter to help finance $2 billion of investment in St. Petersburg. (Bloomberg)