Russian investors in the Canadian market

Last year, the real estate development firm controlled by Russian billionaire Vladimir Potanin gave investment bank Credit Suisse Group a handful of criteria it was looking for to buy a housing company. Yesterday, it announced it had a deal with the purchase of Port Hope, Ont.-based Viceroy Homes Ltd. Mr. Potanin - the world's 38th-richest individual with a personal fortune estimated at more than $13.5-billion (U.S.) according to Forbes Magazine - had a plan: To offer apartment-weary Muscovites detached homes in the suburbs. All his $30-billion holding company Interros needed was the right builder: A high-end provider of prefabricated homes, preferably one with a strong management team, good technology and the ability to handle a decent amount of volume.