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Russian Billionaire investing in US real estate

  • Russian billionaire Mikhail Fridman is launching a real-estate fund that will focus on distressed properties from Boston to Miami, in the latest example of a deep-pocketed foreigner placing some chips on the U.S. real-estate market.

    Mr. Fridman, who founded the Russian financial-industrial conglomerate Alfa Group, is part of a venture that plans to invest in properties with a total value of about $1 billion, he said in an interview. Most of the money in the fund will come from Mr. Fridman.

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