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White & Case has snared a lead role advising on the largest Russian real estate IPO to date.
White & Case has secured a lead role advising on the largest Russian real estate IPO to date.
The flotation of real estate company AFI Development, which was listed on the London Stock Exchange, totals $1.4bn (£706.82m) and allows the company to tap the international capital markets, explained White & Case partner Josh Kiernan.
Kiernan said: "The IPO was seven times oversubscribed. This is an indication of investor appetite for Russian real estate transactions. The market is very successful and I can see this developing further."
AFI is a subsidiary of Israeli company Africa Israel Investment. The company invests in large-scale real estate projects on development in Central and Eastern Europe (CEE).
Kiernan highlighted the large amount of corporate and private investment in real estate across Russia and CEE.
White & Case has worked on six large Russian IPOs over the past six months, including the AIM listing of real estate company MirLand in December last year.
Kiernan said: "It‘s not been a deliberate push by the firm to go in this direction. Our strength in Eastern Europe as well as strength in Israel and capital markets has made us very successful."