Stockholm-based investment company East Capital Explorer has decided to close its real estate fund for Russia as the unit has received no investments since it opened in July 2008.
When the global financial crisis broke out, the company, whose area of operations is Eastern Europe, decided to keep its Russian Property Fund in place “until the price fall would stabilise” yet it has proved impossible to “realise our initial investment strategy within a reasonable timeframe,” an East Capital Explorer press release cited Kestutis Sasnauskas, chief executive of East Capital Private Equity, was saying.
“We still consider real estate an attractive sector for investments and… will pursue alternative ways to get exposure to the sector,” said the chief executive of East Capital Explorer, Gert Tiivas.
