Azerbaijani company to invest over $300M in Russia’s housing construction
Baku, Azerbaijan, Nov. 3
By Azad Hasanli - Trend:
Rezidential Group holding with the Azerbaijani capital plans to invest 14 billion rubles ($322.452 million) in the construction of "Pirogovskaya Riviera" residential complex in the vicinities of Moscow, the holding told Trend Oct. 31.
The company invested two billion rubles ($46.1 million) of equity in the first stage of construction. In general, investments will primarily consist of 70 percent of the shareholders' funds, 30 percent - the credit line of the Russian "MDM Bank", Rezidential Group said.
The first stage of the residential complex is planned to be commissioned in the third quarter of 2017. Around 257,500 square meters will be commissioned. Around 134,500 square meters will account for flats. The total area of the residential complex will be 559,600 square meters.
"The construction of the second and third stages will depend on the economic situation in Russia," the company said. "The residential complex is planned to be constructed in the fourth quarter of 2019. The third stage includes the construction of a fitness center with an Olympic-size swimming pool and an Olympic reserve school."
Rezidential Group holding was created in 2013 with the foundation of Sezar Group and Akkord companies. Currently, Akkord Corporation is not among the shareholders of the holding. But its former president Ilgar Hajiyev is on this list.
edited by CN