Russian billionaire Mikhail Fridman, the owner of financial conglomerate Alfa-Group, is set to invest up to $1 billion in properties on the east coast of the United States, The Wall Street Journal reported on Wednesday.
Fridman is launching a real-estate fund together with New York-based property developer and manager Rosen Partners to focus on distressed properties from Boston to Miami, in the latest example of a deep-pocketed foreigner investing funds in the U.S. real-estate market, the paper said.
Russian tycoons consider U.S. real estate a relatively safe haven, especially at a time of political uncertainty in Russia triggered by street protests over the alleged mass fraud at December 4 parliamentary elections and the forthcoming presidential poll in Russia next year.
"It's obvious that in Russia there is some risk for political or economic volatility. The American market is the most well-regulated and liquid market in the world. It has the best protection for investor rights," the paper quoted Fridman as saying.