RDIF, RCIF and leading Middle Eastern investors announce investments in comprehensive development of former Tushino airfield in Moscow
Press release, 13.05.2017
Beijing, 13 May 2017– The International Investor Consortium of the Russian Direct Investment Fund (RDIF), Russia-China Investment Fund (RCIF, established by RDIF and CIC), the leading Middle Eastern investment funds and Vi Holding announce the investment in the complex real estate development of the former airfield Tushino in the North-West of Moscow. The project with the total area of more than 1 million square meters will cover the construction of a Class A office park and residential property. It will also include the construction of sports and social infrastructure facilities as well as recreational and park zones. The term sheet was signed today during the Belt and Road Forum in Beijing.
The total investments in the project will amount more than RUB 90bn.
The project is located within close proximity of major Moscow transportation routes. Rostec State Corporation will be a significant tenant of office space as part of the announced project.
The parties have obtained all required permits to start design works.
Kirill Dmitriev, CEO of RDIF and Co-CEO of RCIF, noted:
“The participation of leading Chinese and Middle Eastern investors with superior expertise in comprehensive development of territories as well as Rostec being an anchor tenant makes the project especially attractive. Such a large-scale project will create additional demand and opportunities in a range of associated sectors.”
Bing Hu, Co-CEO and President of RCIF, noted:
“Tushino real estate project is a land mark project given its scale and quality of participating international and Russian investors. As bilateral relations between Russia and China continue to flourish, and cross border trade is expected to increase significantly in the next couple of years, many Chinese companies and financial institutions are coming to Russia to service growth in economic cooperation. We also witness that Russian real estate market has become very attractive for Chinese investors. We would expect further interest from Chinese investors to Russian real estate market and RCIF will continue to play an active role in the sector going forward.”
Karima R. Nigmatulina, CEO of Vi Holding, commented:
“We welcome the participation of international institutional investors of such high-quality and their strong interest and appreciation for the potential of the Project. The Tushino airfield development is one of the most landmark projects within the boundaries of Moscow. The unified master plan of the territory provides for the creation of a unique urban environment in Moscow, comprising both of residential and commercial real estate, as well as socially significant infrastructure with an emphasis on sports and recreation.”
Russian Direct Investment Fund (RDIF)is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru
Russia-China Investment Fund (RCIF)is a joint fund established by the Russian Direct Investment Fund and China Investment Corporation (CIC). The activity of RCIF is aimed at development of bilateral economic, trade and investment relations between Russia and China.
Vi Holding Groupis an international investment and industrial group based in Russia that owns and operates a diversified portfolio of assets. Its core investment activities are focused on the development and management of real estate assets, power generation, metals and mining. The total value of the Group's assets exceeds $6 bn.
The Group has a significant presence in key global markets with a strong focus on high-growth countries of Asia and Africa, with several large-scale projects successfully completed and a number of new ones under active development. The company also plans to increase the scale of its investment activities in Russia.
Tushino project - the Project successfully passed public hearings in 2015 to approve the master plan of the site and in 2016 received city permitting documents. Sports and social infrastructure facilities comprise a significant portion of the development. The development will consist of the following components:
- Sports facilities (ice rink arena, artistic gymnastics center, motor sports center), and recreational facilities (fully landscaped river-side park);
- "Rostec-City" – the largest Class "A" business park in Russia with 263,000 sqm of above-ground area (offices, multifunctional expo center, and related infrastructure);
- Residential: c. 510,000 above-ground sqm of comfort-, business-class, and serviced apartments units. Designed to accommodate c. 15,000 people with frontage on the Moscow river, with ground-floor high-street retail and river-side park;
- Social infrastructure facilities (2 kindergartens, 2 schools and a clinic with a total space of 32,000 square meters);
- Road networks and landscaped boulevards.
For additional information contact:
Maria Medvedeva Andrew Hayes / Yulianna Vilkos
Russian Direct Investment Fund Hudson Sandler
Director of External Communications Tel: +44 (0) 20 7796 4133
Tel: +7 495 644 34 14, ext. 2141
Mobile: +7 964 726 17 73
Yury S. Trofimov