The rights and obligations in accordance with the trust management agreement for the Sberbank Rental Business closed-end real estate fund have been transferred to Sber Real Estates Funds. Previously the fund was under the management of Sber Asset Management.

The management of the Sberbank Rental Business fund was transferred to Sber Real Estate Funds by decision of the general meeting of the fund's shareholders on February 16, 2021. The transfer is being undertaken in the framework of the scheduled migration of Sber's entire closed-end fund creation and management business to the new company.

The transfer of the first fund was successful and convenient for shareholders and had no impact on the closed-end fund itself. With the transfer of this first fund, we can now say that a new, full-fledged player has emerged on the Russian investment market. Sber Real Estate Funds will handle the further development of real estate investment services and the creation of closed-end funds as personal trusts for Sber clients. We plan to transfer our flagship real estate closed-end funds, which we are currently actively developing, to Sber Real Estate Funds.

Ekaterina Chernykh

CEO, Sber Real Estate Funds

Sber Real Estate Funds, founded in June 2020, is a company specializing in closed-end fund management. In October 2020, the company was licensed by the Bank of Russia to manage investment funds, mutual-end funds, and non-governmental pension funds. Ekaterina Chernykh, CEO of Sber Real Estate Funds, was previously responsible for developing real estate funds at Sber Asset Management.

The creation of the new company and transfer to it of closed-end funds from Sber Asset Management will facilitate the development of asset and facilities management competencies on the commercial real estate market by a licensed standalone entity. The new company will be equipped with a modern IT platform for data processing, analysis, and exchange, to reduce real estate management and maintenance costs.

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Sberbank of Russia published this content on 21 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2021 08:52:01 UTC.