Dubai’s Limitless and RDI agree $32.6m financing deal for Moscow project
Mixed used joint venture has begun construction on phase one of the community
Limitless, a member of the Dubai World group, and Moscow’s RDI Group have secured a $32.6m, three year financing deal with Russia’s Expobank, for the continued construction of Zagorodnoy Kvartal, a mixed use, joint venture project.
Built around 24km north-west of Moscow, the project, which means ‘Country Quarter’ in Russian, is being constructed along the Moscow Canal. The financing deal will be used for phase one of the project, which broke ground in late 2011, with preliminary work financed by Limitless and RDI.
“This is a key milestone for the Zagorodnoy Kvartal project,” said Saeed Ahmed Saeed, CEO of Limitless. “It allows us, and our partner RDI, to deliver a new style of development to Moscow: a walkable community where residents can step out of the city and into nature.”
Phase one of the project was launched for sale in March of 2012. This included 700 apartments, 46 townhouses and extensive green, open space. Work has already begun on three apartment buildings and the first group of townhouses, Saeed said.
The project will be at the heart of one of the most rapidly-developing districts in Moscow. It is 4km away from the Sheremetyevo International Airport, 8km from the Moscow Ring Road and 10km away from Kimki Business Park, all major transport and infrastructure hubs in the Russian capital.
“This is a strategic partnership which we hope to strengthen and expand in the future. Housing construction today is a key industry for us,” added Kirill Nifontov, CEO of Expobank.
Furthermore, there are highway upgrades being planned for 2012/2013, which will benefit the project as they will help provide quick, congestion free routes to and from Moscow. In addition, a new high-speed toll road will mean easy connections to St Petersberg.
