Russian real estate developer forms strategic alliance

The Otkritie-Real Estate Company, an affiliate of Otkritie Financial Corporation, is poised to sign a strategic partnership agreement with the Austrian developer Strabag today, the Russian developer told RBC Daily. Strabag is expected to be appointed Otkritie-Real Estate's general contractor at the Russian company's building sites, while Otkritie-Real Estate is to be involved as a real-estate developer for Strabag's projects. The partners are planning to launch three new projects worth a total of $500m in the near future. Both companies believe that the partnership is projected to be very profitable for the Russian developer.