Northern European Properties, the Aim-listed investment vehicle advised by the Livingstone brothers, is set to announce a drive into Russia. Financial Times

It is understood that Northern European, which listed on Aim in November last year with a €1.9bn portfolio of Scandinavian assets spun off from London & Regional, has just completed six Russian purchases. Its first entry into the country, the properties are worth $231m and mainly in St Petersburg.

The price represents a yield of around 10%, which is typical of Russia where yields are generally higher than the rest of Europe.

The company is also seeking shareholder approval to target other large regional cities, where purchases could include some or all of the $1bn of existing Russian investments and development sites already owned by London & Regional.