When it comes to emerging market's real estate project finance, the rationale for the master thesis is caused by the fact that a non-market-compliant conception for the real estate development project might most probably imply an elevated risk regarding the realization in terms of future sales and/or rents, out of which the Bank expects repayment of its loan provided. All in all, this might result in an increased Sales or Vacancy Risk which might further imply respective restructuring efforts on behalf of the Bank or a liquidation scenario of the real estate asset pledged in favour of the Lender. Recovery values out of a forced sale might imply usually very big haircuts at the expense of the Bank. In case of real estate development financing the analysis of the creditworthiness is primarily forward-looking, i.e. future-oriented regarding the cashflows of the subject project. The Bank to be asked for providing a positive vote for a real estate project financing will do so only in case the repayment ability and the generation of an appropriate yield seem to be secured. Thus, the main goal of the master thesis is 1. to investigate all the various risk factors to which a European based Bank is exposed to when being engaged in Real Estate Project Finance (i) in terms of providing loans for real estate projects (ii) with the focus on the emerging market Russia and (iii) covering not only the commercial real estate sectors like office and retail, but also the industrial real estate sector, 2. to show that there will always remain a certain level of residual risk for the Bank providing a loan for a real estate project by elaborating the Importance of the Recovery Analysis and Exit Options, and thus the importance of an overall smooth market-compliant conception for real estate development projects (iv) from a Credit Risk Manager's perspective and 3. to end up with Credit Risk Recommendations to be set out by the respective Credit Risk Manager who is in charge of the analysis when it comes to financing of real estate development projects in order to serve as mitigations for all the related emerging markets' project finance risks.