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Michaniki In Ambitious Moscow Project

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The Greek constructor Michaniki estimates it will need two years before it starts realising its biggest real estate project abroad, the creation of a residential complex in Moscow.

According to the timetable, Michaniki Russia will start construction in spring or summer 2010 at the latest, and works are expected to be completed four years later.

The complex, to be named “Greece, will be developed on a 700,000 sq m property in a lush Moscow suburb. The project includes 600,000 sq m of residences, 25,000 sq m of commercial spaces, parking space for 7,000 vehicles, sports and leisure facilities, a church and a school.

The 900 million euro project will have a total built area of 1.1 million sq m. Michaniki estimates that its revenues from the sale of residences, shops and other spaces will exceed 1.3 billion euro.

Michaniki has purchased properties of a total surface of 865,000 sq m in Russia, against 86.6 million dollars. The final budget of its projects in the country amounts to 1.9 billion euro while revenues are estimated at 3.1 billion euro.

Fanis Gavriniotis

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