Russia property developer Teorema's surprise plans to raise $500m (€341.7m) in a London float this year could test whether global investor sentiment towards Russia is turning following a lukewarm reception to two other Russian real estate listings this year.

The initial public offering by the St Petersburg-based company would be the third largest Russian real estate offering on the London Stock Exchange in 2007. However, the other two priced at the middle to lower end of their price ranges.