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.