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East Capital has decided to close the East Capital Russian Property Fund that was started in July 2008. To date, no investments had been made in the fund.
"As the crisis hit, our highly qualified team made a diligent decision to stay out and wait until the price fall would stabilize. In this post crisis environment, despite intensive efforts, it proved impossible to realize our initial investment strategy within a reasonable timeframe. Acting in the best interest of our investors we have decided to close the fund and return the money to our investors. This decision, does not affect our strong belief in the rapidly developing Russian consumer market" says …