Capital Group () is a Russian real estate development group based in Moscow, where it has operated since the early 1990s. It develops residential, commercial and mixed-use projects, specialising in premium and luxury property.
The group also redevelops former industrial sites and builds industrial parks and educational facilities. At the CRE Awards, Capital Group was named Developer of the Year in 2012 and 2020 and received the special Developer of the Decade award in 2013.
History
Accounts of the company's founding differ. RBC reported that Vladislav Doronin founded Capital Group in 1991 and that Eduard Berman and Pavel Tio became shareholders in 1993–1994. Forbes dates the company's launch to 1993 and names all three as founders.
In November 2008, the industry publication Commercial Real Estate reported that, at the end of 2007, the group's parent company was C.I.T. Capital Investments Limited, registered in Cyprus. At that time, Doronin, Berman and Tio held equal beneficial interests, according to the report.
In 2016, Tio succeeded Doronin as chairman of the board of directors. In September 2025, Mikhail Khvesko became chief executive officer and chairman of the management board. Former chief executive Valentina Stanovova remained on both boards, with a focus on the investment business.
Ownership
The Forbes company profile, current as of 28 October 2025, identified Pavel Tio as Capital Group's principal owner and chairman of the board of directors.
According to extracts from Russia's Unified State Register of Legal Entities dated 20 August 2026, Holding Development LLC held a 100% interest in Capital Group LLC (OGRN 1027700083817). Holding Development LLC's registered members were Pavel Tio (80%), Gennady Khvesko (10%) and Valentina Stanovova (10%). Its registered managing organisation was Capital Group Razvitie LLC. Tio was also the sole registered member of Capital Group Razvitie LLC.
In August 2022, The Aspen Times reported that Doronin had held a one-third interest in the related company Capital Group Development LLC until 14 April that year, when he transferred it to his mother, Zinaida Doronina. A lawyer representing Capital Group Development said that the transfer was intended to reduce exposure to possible Russian sanctions against foreign nationals and to distance Doronin from Moscow following the Russian invasion of Ukraine.
Activities
In 2016, RBC reported that Capital Group's portfolio included more than 70 completed, ongoing and planned projects covering more than 7 million square metres. In September 2026, RBC put the portfolio at more than 11 million square metres. It also identified Capital Group as, among its other projects, the operator of two developments: City-2, adjoining the Moscow International Business Center, and the redevelopment of the MiG site on Leningradsky Prospekt.
According to Kommersant, payments into escrow accounts from Capital Group's residential sales reached 102 billion roubles in 2022. Reporting on the 2024 Forbes developer ranking, TASS put Capital Group's sales at 112 billion roubles. TASS said the ranking was based on sales in 2023 and the first half of 2024.
Industrial and educational facilities
Capital Group developed the Alabushevo industrial park in Zelenograd, within the Technopolis Moscow special economic zone. The first phase was commissioned in 2024; the company announced the launch of the second phase in May 2026. In March 2026, Moscow State University of Civil Engineering reported that Capital Group had won a tender for an investment agreement covering the design and construction of a teaching and research building on its campus.
University partnerships
In December 2018, Plekhanov Russian University of Economics reorganised its existing Project and Programme Management Department as a partner department named after Capital Group. According to the university, the company contributes to the curricula, while students receive practical teaching at its construction sites and paid placements in its departments. Through its Capital University programme, the group also works with universities to offer student placements and lectures. In July 2025, Moscow State University of Civil Engineering reported an agreement to send student construction teams to the company's projects.
Projects
Selected completed developments
The dates below refer either to the completion of construction or to the issue of a commissioning permit. Individual developments may have been delivered in stages.
+ Selected Capital Group developments in Moscow Development Location Architecture Completion or commissioning Sources Medny 3.14 14 Donskaya Street, Moscow Sergey Skuratov Architects 2nd quarter of 2021 Kutuzovsky 12 12 Kutuzovsky Prospekt, Moscow Tsimailo Lyashenko and Partners 19 March 2020 (commissioning permit) White Khamovniki 9 Olsufyevsky Lane, Moscow Tsimailo Lyashenko and Partners 13 December 2021 (commissioning permit) Capital Towers Krasnopresnenskaya Embankment, Moscow Sergey Skuratov Architects 28 April 2023 (three residential towers commissioned)
Kutuzovsky 12
Kutuzovsky 12 is a residential development at 12 Kutuzovsky Prospekt in Dorogomilovo District, part of Moscow's Western Administrative Okrug. The project was developed by Capital Group. Russia's state housing construction register (EISZhS) lists OOO Nova-Lait, a limited liability company, as the registered project developer. Its commissioning permit was issued on 19 March 2020. The 11-storey building has a total area of approximately and contains 81 apartments and a two-level underground car park with 131 spaces. The building was designed by Tsimailo Lyashenko and Partners. Its facade includes a colonnade illuminated at night.
White Khamovniki
White Khamovniki is a Capital Group residential development at 9 Olsufyevsky Lane in Khamovniki District, part of Moscow's Central Administrative Okrug. Designed by Tsimailo Lyashenko and Partners, it comprises two 15-storey blocks joined by a podium. Early plans described in 2019 called for 76 apartments. When the development received its commissioning permit on 13 December 2021, the city authorities reported 62 apartments, a total floor area of and 120 underground parking spaces. The same report outlined plans to landscape the development's internal grounds.
Capital Towers
Capital Towers comprises three residential towers on Krasnopresnenskaya Embankment, designed by Sergey Skuratov Architects. Moscow's construction supervision authority issued their commissioning permit, No. 77-01-011397-2023, on 28 April 2023. EISZhS identifies OOO Megapolis Group as the registered project developer. It lists the residential building recorded as object 19622 as completed. When the announcement was made in May 2023, work on the complex's podium was still under way as a separate phase.
In 2019, the Luxury Lifestyle Awards listed Capital Towers as a winner in its Real Estate Developer category for Moscow, Russia.
Developments in progress
+ Selected developments and reported schedules, October 2026 Development Location in Moscow Architect Reported status or schedule Sources Badaevskiy Kutuzovsky Prospekt / Taras Shevchenko Embankment Herzog & de Meuron Western residential block: commissioning announced in September 2026. Eastern residential component: planned commissioning in the fourth quarter of 2027. A separate non-residential component: planned commissioning in the third quarter of 2028. Dom Sporta 18 Druzhinnikovskaya Street Sergey Skuratov Architects Under construction; planned commissioning in the first quarter of 2029. Uzory 2nd Vrazhsky Lane ATRIUM Under construction; planned commissioning in the fourth quarter of 2028. MASTERS Viktorenko Street GAFA Construction work reported in April 2026; planned commissioning in the fourth quarter of 2029.
Badaevskiy
The Badaevskiy development occupies the site of the former Badaevskiy brewery in Moscow. Herzog & de Meuron's design combines new housing with the restoration of two surviving brewery buildings and the reconstruction of a demolished central building. The new housing is raised approximately above ground on columns. The architects said the design was intended to leave room for a park beneath the buildings and preserve the visual connection between the historic structures and the river. The historic buildings are intended to house a food market, an arts centre and other public spaces. Apex Project Bureau is the executive architect and Vogt is the landscape architect.
EISZhS lists three components of the project, with the joint-stock company AO SZ Badaevskiy as their project developer. On 4 September 2026, Capital Group announced that the first phase, the western residential block, had received its commissioning permit and been assigned the address 12 Kutuzovsky Prospekt, building 4. Work on the eastern block was continuing. A registry check dated 29 September 2026 gave the fourth quarter of 2027 as the planned commissioning date for the eastern component, object 47431, under project declaration No. 77-002680. Commissioning of a separate non-residential component, object 70968, was scheduled for the third quarter of 2028 under project declaration No. 77-003311. A revised version of that declaration was published on 25 March 2026.
Dom Sporta
Dom of Sports Private park is a Capital Group project under construction at 18 Druzhinnikovskaya Street, designed by Sergey Skuratov Architects. EISZhS identifies OOO SZ A Klass, state registration number (OGRN) 1047796571734, as its project developer. A registry check dated 3 October 2026 gave the first quarter of 2029 as the planned commissioning date for the residential building registered as object 69376. The check also listed apartment handovers as due by 30 June 2029.
Uzory
Uzory Club House is a Capital Group residential development under construction on 2nd Vrazhsky Lane in Moscow, designed by ATRIUM. EISZhS lists OOO SZ Vrazhsky as its registered developer under project declaration No. 77-003219. A registry check dated 3 October 2026 gave the fourth quarter of 2028 as the planned commissioning date.
MASTERS
MASTERS Luxury residential development is a project by Capital Group on Viktorenko Street, designed by GAFA. Its registered project developer is AO SZ Masters. In April 2026, Capital Group announced that construction had entered its active phase. In October 2026, EISZhS listed the fourth quarter of 2029 as the planned commissioning date for object 70548.
Completion of other developers' projects
In 2017, Moscow's construction investment committee, Moskomstroyinvest, brought in Capital Group on behalf of the city government to help complete stalled housing developments. Capital Group was appointed technical customer for the unfinished Marino Grad, Sportivny Kvartal and Sport Town housing developments in New Moscow, with responsibility for overseeing their completion. All 15 buildings in Sportivny Kvartal had been completed by the end of 2020. The final buildings of Marino Grad and Sport Town were commissioned in 2021.
In 2019, Capital Group became the technical customer for Sky House. Its original developer, Olter, was declared bankrupt in November 2019. The last residential building was commissioned in December 2022.
In 2024, Capital Group was appointed to oversee the completion of three stalled Moscow developments by Seven Suns Development. V stremlenii k svetu was commissioned in December 2024, and Skazochny Les in May 2026.
Rankings and awards
Rankings
In 2021, Forbes placed Capital Group first in the luxury-housing category of its Russian developer ranking, based on sales in 2020 and the first half of 2021.
The table below shows Capital Group's subsequent positions in the premium-housing category of the magazine's developer-confidence ranking. The ranking takes into account several measures of developers' activity, including sales and project portfolios.