Silk Road Fund joins the consortium of investors involved in the complex development of the former Tushino airfield
Press release, 04.07.2017
Moscow, 4 July, 2017 – Silk Road Fund has joined the consortium formed by the Russian Direct Investment Fund (RDIF) and the Russia-China Investment Fund (RCIF, established by RDIF and China Investment Corporation) in partnership with leading Middle Eastern funds to invest in the complex real estate development of the former airfield Tushino in the North-West of Moscow. The corresponding Term Sheet was signed today as part of Chinese President Xi Jinping’s state visit to Russia.
The International Consortium, which now includes investment funds from Russia, China, Saudi Arabia, the UAE, Kuwait and Bahrain will provide equity financing for the project with a total investment of over RUB 90 bn. The investors intend to implement the project as one of the most advanced multifunctional technological clusters with quality residential and office properties, sports and social infrastructure, research and educational facilities, and recreational zones. This goal will be achieved in cooperation with Rostec Corporation as one of the key tenants and Vi Holding as a developer.
Kirill Dmitriev, CEO of RDIF and Co-CEO of RCIF, noted:
“The engagement of such a high-profile investor as the Silk Road Fund confirms the global scale of the project and its importance for international partnerships and sustainable development. Our partners, the investors from China, the UAE, Saudi Arabia and other countries, will provide financing and use their expertise to implement the project according to the highest global standards. The project is in line with RDIF strategy to invest in the development of the most promising infrastructure facilities that represent the drivers of economic growth. I am sure that the technological cluster in Tushino will enrich the already successful Russia-China investment cooperation, as the first joint project of RDIF, RCIF and Silk Road Fund.”
Bing Hu, Co-CEO and President of RCIF, noted:
“The Tushino Airfield development project is a landmark project given the large-scale participation of Russian and foreign investors. We welcome Silk Road Fund as a partner and co-investor of the project. The Russian real estate market is very attractive for Chinese investors, and we are sure that this interest will grow. RDIF will continue to play an active role in engaging Chinese partners in Russian projects and deals and in strengthening business relations between Russia and China.”
Karima R. Nigmatulina, CEO of Vi Holding, commented:
“The participation of RCIF and the Silk Road Fund, for the implementation of the Rostec-City project demonstrates high levels of confidence from Chinese investors in one of Moscow’s most significant development projects. The project is located on the former Tushino airfield. Acting as a co-investor alongside leading international investors, RDIF has been the catalyst for attracting investment into this project. The participation of Chinese investors is particularly significant for us, given that for more than ten years Vi Holding has been the largest Russian private investor in the Chinese economy.”
Russian Direct Investment Fund (RDIF) is a Russian sovereign 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. The activity of RCIF is aimed at development of bilateral economic, trade and investment relations between Russia and China. Further information can be found at www.rcif.com
Silk Road Fund is a $40 billion medium to long term investment fund established in Beijing in December 2014. It provides both equity and debt financing to support infrastructure, energy, industrialization and financial cooperation that are vital to the connectivity of the Chinese economy with the rest of the world.
Vi Holding Group is 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:
Russian Direct Investment Fund
Director of External Communications
Tel: +7 495 644 34 14, ext. 2141
Mobile: +7 964 726 17 73
Andrew Hayes / Yulianna Vilkos
Tel: +44 (0) 20 7796 4133
Russia-China Investment Fund
Tel.: +86 10 5762 9000
Fax: +86 10 57629111
Yury S. Trofimov
Russia-China Investment Fund
Tel.: +7 (495) 230-05-55 ext. 4243
Mob.: +7 (985) 765-13-12