JSC “Open Investments”
Moscow-based Open Investments is one of Russia’s leading real estate investment and development companies. It focuses on large-scale residential lifestyle community developments for the deluxe and middle class market and investment-grade Class A office space developments, primarily in Moscow and the surrounding region. Open Investments was established in September 2002 by Interros, and was the first Russian real estate developer to be listed in Russia: in November 2004, the company successfully placed its shares among international and Russian investors. Open Investments’ shares are listed on the RTS stock exchange (List B) and are included in the RTS and RTS-2 indexes. Open Investments has been assigned ratings by international ratings agencies: Moody’s – “B1/A2.ru”, Fitch – “B”.
Open Investments’ strategy is focused on diversifying its project portfolio across attractive segments of the Russian real estate market, in Moscow and the surrounding regions, as well as in Southern Russia (Sochi), while maintaining a balance between investments in development projects and the retention of income-producing properties. Open Investments has an extensive land bank of over 12,000 ha in the Moscow area and Tver Region. It consists of quality land plots suitable for residential and other developments, typically close to attractive recreational areas such as waterways and woodlands, with convenient current or planned transport links to Moscow.
According to the company’s consolidated IFRS financial statements, Open Investments’ total assets as at June 30, 2008, rose more than 1.38 times from the beginning of the year, exceeding $4.8 bln. The equity attributable to shareholders of the parent company increased more than 1.31 times from the beginning of the year and exceeded $3.6 bln.