AIZhK to transfer apartment of defaulted borrowers to unit fund
2010-08-23
The Russian Residential Mortgage Agency (AIZhK) has set up a real estate unit to manage apartments it got from defaulted borrowers. AIZhK will be the only investor in the fund; the management will be carried out by Leader and Ingosstrakh Nedvizhimost management companies for a commission amounting to 2% of the fund’s net assets annually. At the first stage AIZhK will contribute €6m value of real estate to the fund; later this amount will be doubled.
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