RDIF and partners finance the project of comprehensive development of former Tushino airfield in Moscow
Press release, 03.10.2018
Moscow, October 3, 2018 − A consortium of international of investors led by the Russian Direct Investment Fund (RDIF, the sovereign wealth fund of Russia), and including the Russia-Chinа Investment Fund, the Public Investment Fund (PIF) of Saudi Arabia as part of a joint investment platform with RDIF, the Mubadala Investment Company (UAE) and other leading Middle Eastern sovereign funds, announce the start of the financing of the complex real estate development project at the former airfield Tushino in the North-West of Moscow.
The project envisages the construction of the largest and one of the most advanced multifunctional technological centers in Russia including the largest innovation cluster in Russia, quality residential properties, sports and social infrastructure, research and educational facilities, and recreational zones. The project budget exceeds RUB 90 bn. The project is being implemented jointly with Vi Holding Group.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“The construction of an advanced multifunctional technopark will make a significant contribution to Russia's technological breakthrough, strengthening its position as the leading digital power and providing a multiplier effect from investments. RDIF network of international partners will help to integrate the project into the world hi-tech industry, including the digital component of the "One Belt - One Road" Initiative.”
Pavel Machitski, Managing Partner, First Vice President of the Vi Holding Group stated:
“A large-scale mixed-use project on the site of the former Tushino airfield is being developed using world best practices. The presence of a unique innovation technology cluster focused on supporting the technology industry significantly enhances the importance of the project. The international consortium of investors began financing the project simultaneously with the commencement of construction works.”
The project of the integrated development of the former Tushino airfield area is being realized by Vi Holding and an international investors consortium headed by the Russian Direct Investment Fund. In 2015, the territory development project was approved by the city residents at public hearings, and in 2016 the basic urban planning documentation was issued. Construction started in September 2018.
In compliance with the sports orientation of the multifunctional complex, sports and social infrastructure facilities are prioritized. The former Tushino airfield area development plan includes the construction of:
- the largest Technology Park in Russia with an area of approximately 262 000 m2. The project objective is to incorporate various innovative companies with unique technologies and speed up development and implementation of innovations, and increase production efficiency through cooperation. Research activities will be complemented by a world class exhibition center, which will be used as a platform for international events and new product shows;
- sports facilities;
- residential property with integrated retail space and recreational zones in the immediate proximity to the Moscow River;
- public amenities (kindergartens, schools, health center);
- street and road network with landscaped boulevards and green driveways.
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. Further information can be found at www.rcif.com
Public Investment Fund (PIF) – The Public Investment Fund seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities across sectors and asset classes at both the domestic and international level. Working alongside global strategic partners and renowned investment managers, PIF acts as the Kingdom’s main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for the Kingdom of Saudi Arabia, in line with Vision 2030.
In October 2017 at the Future Investment Initiative, the Public Investment Fund Program (2018-2020) was launched as part of the Kingdom’s Vision 2030 Vision Realization Programs (VRP). The PIF Program is one of twelve VRPs and acts as a roadmap for the next three years to strengthen PIF’s position as the engine behind economic diversification in the Kingdom and role in transforming Saudi Arabia into a global investment powerhouse. The program will see the Fund’s Assets Under Management increased to over $400 billion by 2020 and outlines how PIF aims to complement private sector development in the Kingdom through its new domestic investment, split between the Fund’s Saudi Holdings, Saudi Sector Development, Saudi Real Estate & Infrastructure Development, and Saudi Giga-Projects. For further information please visit: www.pif.gov.sa.
Mubadala Investment Company (Mubadala) is a pioneering global investor, deploying capital with integrity and ingenuity to accelerate economic growth for the long-term benefit of Abu Dhabi. As Abu Dhabi’s leading strategic investment company, Mubadala is active in 13 sectors and more than 30 countries around the world, creating lasting value for its shareholder, the Government of Abu Dhabi.
Mubadala’s work includes the development of global industrial champions in sectors such as aerospace, ICT, semiconductors, metals & mining and renewable energy, utilities, and the management of diverse financial holdings. The company builds on legacy expertise in oil and gas to invest across the hydrocarbon spectrum, and enhance the United Arab Emirates’ growth potential through investments in healthcare, real estate and defense services. Mubadala’s investment approach prioritizes partnership with best-in-class organizations and a commitment to the highest standards of governance.
The Vi Holding Group is an international investment and industrial group with Russian capital which owns and controls assets in various sectors, implements investment development projects, manages real estate properties, is engaged in developing metallurgical, energy industrial complexes and minerals extraction and processing. Total assets value of the Group exceeds USD 6 billion.
The Company has a significant presence in the world markets. Utmost attention is being paid to penetration to the fast growing Asian and African markets, where large-scale projects have already been successfully realized and a number of new projects started. Expansion of operations in Russia is on the Company’s development agenda.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Hayes / Andrew Leach
Tel: +44 (0) 20 7796 4133