Mutual fund

        About the Fund

        A closed-end real estate mutual fund “Kutuzovskiy” invests in development projects at the construction stage in order to generate profit from rental housing and apartments that provide comfortable and functional living space for the tenants.

        The Fund was launched in 2016 under the Programme of the rental housing development established by JSC The Agency for Housing Mortgage Lending – an organisation of the Unified Development Institution in the Housing Sector that implements the state policy in the housing market. Since December 2016 the Fund has been managed by AHML Management Company Ltd that is also part of the Unified Development Institution in the Housing Sector.

        Information for investors

        The Fund’s shares are not limited in circulation and available to non-qualified investors. The nominal value of one share at the date of the Fund formation was RUB 300 000.

        The shareholders return will be generated by capital gains on the value of the property rights that were acquired before commissioning of the objects as well as by housing price increase and by the net operating income. Thus, the shares represent an alternative financial market instrument that generates current income as well as protects investments from inflation over the long-term investment horizon.

        The Fund distribution is made on a quarterly basis. It is generated from monthly rental payments and calculated in accordance with the subparagraph 4 of paragraph 36 of the Rules of the fiduciary management.

        Estimated shares value and the net asset value are defined on a monthly basis and subject to disclosure on the AHML Management Company website. The net asset value of the Fund is determined on the basis of the independent appraiser’s reports.

        The structure of the Fund allows its shareholder not to pay the income or profit tax on share gains prior to receiving proceeds from redemption or sale of shares.

        The income received by an individual from the operations with mutual fund shares is taxable at the personal tax income rate of 13% for residents of the Russian Federation and at the rate of 30% for non-residents (article 224 of the Tax Code of the RF). Most of the non-residents of the Russian Federation are subject to the double taxation treaties (in this case, please, consult a tax advisor). The management company acts as a tax agent and withholds the tax amount from the taxpayer income received from the operations with mutual fund shares.

        The income received by legal entities from the operations with mutual fund shares is taxable at the profit tax rate of 20% regardless of the residency (article 284 of the Tax Code of the RF). Russian organisations and foreign institutions that conduct their activities in Russia through permanent representative establishment or body calculate and pay the income tax on their own. The management company acts as a tax agent only for foreign institutions without a permanent representative establishment or body in Russia.

        The governing bodies of the Fund and infrastructure

        The list of companies that comprise the Unified Development Institution in the Housing Sector and their governing bodies is available here.

        Independent infrastructure of the Fund

        Special Depository:

        • JSC “National Custodian Company”

        Auditor:

        • “ENECO” LLC

        Appraisers:

        • Consulting company “Business Krug” LLC
        • “Fundocenka” LLC
        • “Audit and Consulting” LLC

        Portfolio of projects

        The complex is constructed in the Khodynskoe field area by INTECO group of companies and benefits from the characteristics that are optimal for the creation of a rental housing project:

        • location inside the Leningradskiy Business district in close proximity to Belorusskiy business district;
        • excellent transport accessibility (CSKA metro station in 300 m, Dinamo metro station in 1 km, the Third Transportation Ring in 1.5 km);
        • well-developed infrastructure within walking distance: green zones (Berezovaya rosh’a, Petrovskiy and Chapaevskiy parks), Moscow Sport Palace — MEGASPORT, one of the largest in Europe shopping and entertainment centre Avia Park, famous Moscow universities such as MPEI, MAI, MADI, Finance University, Higher School of Economics;
        • functional layouts of the apartments (from 22 to 80 sq. m);
        • the courtyard without cars and modern parking.

        The Project is scheduled for completion in 4Q 2016.

         

        Multifunctional complex Match Point is a business class residential apartment complex in the Fili park area. Among the advantages of the complex:

        • location in close proximity to the highway that directly leads to Moscow City, increasing demand for the project from the people working there
        • convenient transport accessibility – metro station Park Pobedy is situated within a 10-minute walking distance, Kutuzovsky avenue is in close proximity
        • key infrastructure objects in the surrounding area include two major parks, the largest in Europe volleyball arena of international level Dynamo which is constructed within the multifunctional complex and will include modern health and recreation centre and training zones
        • well-appointed courtyard with recreation zones, a landscaped design, three-level underground parking

        The Project is scheduled for completion in 2Q 2019.

         

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