The Marbleton Property Fund has formed a joint venture with Storm Properties to develop a $200m (£98m) suburban office park in Moscow, Russia.

The $321m (£157m) fund, which is co-sponsored by JER Partners and Alfa Capital Partners, plans to develop a 1m sq ft park on a 22 acre site on the outskirts of the capital city.

Storm Properties is a Moscow-based property development company and has around 4.8m sq ft of development under way. Its majority shareholder is Russian company PIK Group which is listed in London and Moscow. Storm Properties

JER is the property investment arm of the US JE Robert Companies and Alfa Capital is a Moscow-based private equity arm and property group

The Marbleton fund had its final closing in mid-June this year and focuses on investments across all property sectors in Russia, Ukraine and the Commonwealth of Independent sites. It buys existing properties as well as development sites.

Malcolm Le May, Europe president at JER Partners, said: ‘We strongly believe that this transaction offers an opportunity to capitalise on the supply and demand imbalance for high quality office space in Moscow in general and a trend toward more efficient and less expensive space outside of the city limits.’