Hedge-funder invests $40M in Mongolian properties

Oct.October 23, 2013 11:00 AM

The head of Miami Beach-based hedge fund Praetorian Capital Management has been investing big in Mongolian real estate – about $40 million to date.

Harris Kupperman co-founded Mongolia Growth Group in 2011, taking in public with $4 million in capital. It now has more than 3,000 shareholders and 100 workers based in Mongolia. As property values soar, the real estate investments have “appreciated quite substantially,” Kupperman told the Miami Herald.

The 75 properties his company owns or manages are commercial, retail and residential sites along Peace Avenue, the main strip downtown in the capital city Ulan Bator. Kupperman said Peace Avenue is on its way to becoming the next Fifth Avenue or Lincoln Road.

“We know it’s going to be a huge city, so it’s all about getting in early and getting the right locations,” Kupperman told the Herald. “The noodle shop we own today will be an Armani store in five years.”

Kupperman splits his time between the two worlds: living in a condo at Murano at Portofino in Miami Beach’s South Pointe Park, and a 12-story Soviet-era apartment complex in Mongolia. [Miami Herald]Mark Maurer

Related Articles

Chad Carroll, Mariana Trentini, and Fabio Lopes, and Christopher Burch with 5050 North Bay Road

Heinz Brasil exec sells waterfront North Bay Road home to Christopher Burch

Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

Amir Zwickel and a Showfields store

Showfields to bring new retail concept to Lincoln Road

David Arditi of Aria Development Group and 321 Ocean

Condo association alleges construction defects at 321 Ocean: lawsuit

Julian Cohen and a rendering of the project

Felix and Julian Cohen propose waterfront spec mansion on North Bay Road

1452 Washington Avenue (Credit: Google Maps, iStock)

Spanish investor buys mixed-use building near Española Way

Joseph Menaged with his units at Faena House and One57 (Credit: Facebook, Redfin, StreetEasy)

Father of “Property Wars” star pleads guilty to bank fraud