Jersey-based investment group Belgravia is poised to announce a $2bn joint venture to develop business parks across Russia. Financial Times

The group, set up by the founder of hedge fund Liberty Ermitage, Duncan Hickman, is best known for last year’s attempted buyout of Newcastle United Football Club.

Belgravia has teamed up with Immo Industry Group, a Belgium-based industrial property company, and Rostik, a Moscow-based restaurant and leisure businesses.

The partners to invest $1bn which – with gearing – means investment of $2bn in more than 2m sq m of buildings on 15 sites.

The sites have been prelet to 44 industrial occupiers and Hilton Group has committed to operating 15 hotels on the sites, which include cities such as Moscow, St Petersburg, Novosibirsk and Rostov-On-Dov.

There will also be restaurants and cafes from Planet Sushi, TGI Friday’s and 1-2-3 Cafe.