New York-based Firebird investment fund has bought a 40% share of the Tbilisi-based construction and real estate developer, Iberia, with the purchase of 11,000 newly issued shares.

The amount paid for the shares has not been disclosed.

Iberia said on January 21 it would use the investment to develop the company’s existing projects and to purchase land both in Tbilisi and in the regions.

Firebird, which manages over USD 3.8 billion in emerging markets, concentrates mostly on the former Soviet Union.

Today’s deal is not its first venture into the Georgian market. It already owns shares in the Bank of Georgia.

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