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Mirax Group to resurrect frozen Moscow skyscraper project

© RIA Novosti . Mikhail Fomichev / Go to the mediabankMirax Group
Mirax Group - Sputnik International
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Mirax Group will continue the construction of a Moscow skyscraper set to be one of the tallest buildings in Europe, an executive said on Wednesday.

Mirax Group will continue the construction of a Moscow skyscraper set to be one of the tallest buildings in Europe, an executive said on Wednesday.

"The Vostok tower will be built to the 97th floor - there is no question about that. We are currently at the final stage of selecting an investor," Mirax First Vice President Nikolai Koshman said.

Another first vice president, Alexander Lagutin, said around $240-$250 million would be needed to complete the project.

Board chairman Maxim Temnikov said the corporation was currently negotiating with Alfa Bank and Sberbank, adding, however, that "a banking syndicate cannot be ruled out."

Russian business daily Kommersant said on Monday Alfa Bank would invest around $240 million in the project.

The tower is part of the Moscow City development in western Moscow. The project was delayed by four years due to the financial crisis and is now expected to be completed after 2016.

Mirax Group chief Sergei Polonsky previously announced plans to reduce the height of the skyscraper, which is planned at 612.2 meters (2,009 ft) because of insufficient funding.

The company has faced serious financial difficulties during the crisis and is saddled with an estimated $550 million in liabilities, including $120 million of overdue debt, the newspaper said.

Before the financial crisis, Mirax was one of the most successful development companies in Russia. It is renowned for its luxury housing and development projects in Russia and other parts of the world.

MOSCOW, March 24 (RIA Novosti)

 

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