PPF Real Estate in Russia selects the general contractor for the Telecom City project in Moscow
PPF Real Estate Russia announces the next stage in its Telecom City development project in Russia. The company has signed a contract with Renaissance Construction, an international group, appointing it the general contractor of the project. The value of the contract and other details of the transaction will not be disclosed, in line with the agreement between the two parties.
Tomas Lastovka, PPF Real Estate Russia’s Investment Director, said: “We chose Renaissance Construction after a demanding tendering process. The company, led by Vice-President Irfan Kaya, offered us attractive commercial terms of project completion and the best timeframe. In addition, the company’s extensive experience in the development of major office complexes in Russia is another advantage for us.”
Basic parameters of the project with the working title Telecom City:
- Situated 2 km from Moscow’s ring road, in the direction of Kiev and Vnukovo Airport (8 km); a Metro station is slated for opening close to the project in 2014
- The total area of the plot is 45 hectares and the expected leasable area is 420,000 sq m (in 4 phases)
- The first phase includes 126,000 sq m, of which 90,000 sq m has been leased, primarily by Rostelekom, a telecommunications company
- The completion of the first phase of the project is planned for 1Q 2014