GIC to invest $336M in Russian Realty

January 22, 2008

GIC Real Estate is partnering with Russia’s PIK Group to develop a large township in the city of Mytischi in Russia.

The 114-hectare site is located in the Moscow region to the northeast of the capital.

GIC Real Estate will acquire a 25 per cent stake in the project for US$233 million (S$336 million).

A CB Richard Ellis appraisal carried out 12 months ago valued the site at over US$1.3 billion.

The township will contain 50 high-rise apartment buildings and 13 low-rise commercial buildings.

There will also be five schools, seven kindergartens, two polyclinics and over 17,000 parking lots.

When completed in 2013, the development can house about 50,000 residents.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: