Deutsche Bank and the Austrian developer Zao Strabag have teamed up in a joint venture called DB Development to operate in Russia's real estate market and the Commonwealth of Independent States' (CIS). This will be the first time a western European builder is both contractor and investor in Russian projects. The new 50/50 joint venture is planning to build over 1 million m[sup]2[/sup] of housing and commercial space over the next three years with a focus on Moscow, St. Petersburg and other large Russian cities.
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