Sberbank Asset Management and PNK group buying industrial park near Moscow

Sberbank Asset Management and the Russian industrial property developer PNK group have signed an agreement to acquire PNK Park Veshki industrial park and its entire infrastructure. The park features a 108,000 sqm, two-story, multi-temperature distribution center located 500 meters from the Moscow Automobile Ring Road along the Altufyevskoye Highway. PNK Park Veshki will become placed in a closed-end mutual fund called Rental Business 3 Fund (CMEF Sberbank - Arendny Biznes 3). The park is leased to the company VkusVill. At this moment, Sberbank Asset Management manages four closed-end mutual funds investing in rental property. Their aggregate net asset value stood at RUB 31.5 bln at the end of June.