RGI International Ltd., a Moscow property developer part-owned by a Morgan Stanley fund, is seeking to raise as much as $182 million in an initial share sale to tap rising demand for real estate in Russia’s capital, according to Bloomberg. The company, which has six projects in Moscow, will sell as many as 29.099 million shares in for between $4.75 and $6.25 each, RGI said today in an e-mail. The stock will trade on the London Stock Exchange’s Alternative Investment Market.

Morgan Stanley, which is managing the sale, has the right to buy additional shares equal to as much as 10 percent of the offering in a so-called over-allotment option.

Real estate prices in Moscow, home to about 11 million people, have more than doubled in the last two years amid growing demand for modern offices and apartments. Europe’s most populous city is also Europe’s most expensive for prime real estate, after surpassing London this year, property broker Jones Lang LaSalle said in September.

OAO Open Investments, a property developer controlled by billionaire partners Vladimir Potanin and Mikhail Prokhorov, raised $881 million in a secondary public offering of stock in September. The company doubled the amount of shares outstanding and is now valued at $2.1 billion. The shares have surged 185 percent in the past year.

A fund managed by Morgan Stanley Real Estate Special Situations III-GP owns 13 percent of RGI, according to today’s statement.

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