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Dragon Capital completes private placement for Davento

Investment bank Dragon Capital has completed a private placement for real estate company Davento, raising $77.8 million for a 12.3% stake in the parent company of Ukrainian property developer VK Development.

Dragon Capital acted as sole financial adviser and bookrunner to Davento in the transaction, which implied the sale of GDRs in Davento and values the company at a market capitalization of $627.8 million.

Andrei Pivovarsky, director of investment banking at Dragon Capital, said: Investors today are looking primarily at companies with a solid track record and past experience of raising equity capital. VK Development is a company that meets these criteria and it has proven its worth to investors.