Inteco will develop 1,500 hectares in Morocco.
Photo: AP
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Baturina to Arrange Golf Oasis in Desert
Inteco Co. of Elena Baturina has chosen Africa for large-scale overseas expansion. It emerged that, via affiliated Kudla Group, Inteco will invest over €325 million to build 2 million sq meters of resort real estate in Morocco. The apartments located near the ocean there yield 8 percent a year vs. 6.8 percent at Thailand’s most popular Phuket and 3.3 percent at Majorca.
Moscow Inteco is a co-founder of Kudla Group, owning the majority stake in it, said Gennady Terebkov, who heads the foreign communication department at Inteco. The second co-founder is a Moroccan businessman close to the country’s leadership.
Kudla Group is implementing three recreation projects in northern Morocco, including Paradise Golf Resort in Aouchtam (an allotment of 50 hectares, the construction has been set into motion and Inteco has invested €120 million) and a similar resort in Azla (56 hectares). Both projects provide for constructing luxury villas and apartments, a golf field, a five-star hotel, shopping stores. The company has one more allotment, 10 hectares, in Aouchtam, where it plans to construct a resort without golf fields.
People in Inteco specified that Kudla Group has five projects in Morocco with the total area of over 1,500 hectares. Overall, the developer is willing to build more than 2 million sq meters. The budget is estimated at €500 million and the company will invest 65 percent of it.
Inteco was set up in 1991 by Elena and Viktor Baturin. Elena has been the sole owner since March 2006. Developer’s portfolio of the company covers around 3 million sq meters, including around 2.5 million sq meters in Moscow.
www.kommersant.com
All the Article in Russian as of July 22, 2008
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