RLI will manage estate projects of Shalva Chigirinsky, building the infrastructure – the roads, airports, tunnels, etc. in addition to houses and offices.
Photo: Alexey Kudenko
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The Swiss Disembarked at Russian Land
Russian Land Implenia (RLI) will manage the real estate assets of Shalva Chigirinsky. RLI is a joint venture of Russian Land that is the owner of all developer’s projects of the businessman and Implenia construction group of Switzerland. To strengthen the partnership, Chigirinsky bought out 2.71 percent in Implenia for roughly $20 million. In addition to the housing and business estate, the venture will construct roads and airports. Basic Element sticks to the similar strategy when working with Austrian Strabag.
Russian Land (RL) and Implenia Group announced Friday the creation of joint venture, Russian Land Implenia, where each partner holds 50 percent. RLI will manage estate projects of Shalva Chigirinsky, building the infrastructure, the roads, airports, tunnels, etc., in addition to houses and offices.
As a price for the market entry, Implenia will have to share with RL 2.71 percent of its stocks (500,000). Chigirinsky will pay 19.5 million Swiss francs ($19.9 million) for the stake, 38 francs per a stock. The Russians will make no merging offers to the Swiss during five years.
Russian Land was founded in November 2007; it manages the estate assets of Shalva Chigirinsky. The size and the worth of its current portfolio of developer’s projects exceed 2 million sq meters and $10 billion respectively.
Implenia Group emerged in Switzerland in early 1900s. It includes companies dealing with developer’s projects, engineering, high-block and road construction. 2006 turnover was roughly 3 billion Swiss francs ($2.67 billion).
www.kommersant.com
All the Article in Russian as of Dec. 03, 2007
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