UAE. Limitless and RDI have secured an AED120 million (US$32.7 million), three-year financing deal with Moscow’s Expobank for the continued construction of Zagorodny Kvartal, their mixed-use joint venture project near the Russian capital.
The funds will be used for phase one of Zagorodny Kvartal, which broke ground in late 2011, with preliminary work financed by Limitless and RDI. Phase one, launched for sale in March 2012, includes 700 apartments, 46 townhomes and extensive green, open space. Work is already underway on three apartment buildings and the first group of townhouses.
Saeed Ahmed Saeed, CEO of Limitless, said: “This is a key milestone for the Zagorodny Kvartal project that allows us and our partner RDI to deliver a new style of development to Moscow: a walkable community where residents can step out of the city and into nature.”
Kirill Nifontov, CEO of Expobank, added: “This is a strategic partnership which we hope to strengthen and expand in the future. Housing construction today is a key industry for us.”
Located 24km north-west of Moscow, Zagorodny Kvartal, meaning Country Quarter, is being constructed alongside the Moscow Canal. It is designed to bring the great outdoors into the everyday lives of residents and visitors, providing quality urban-style accommodation in a countryside setting. When complete, the project will span 111 hectares and accommodate 14,000 people.
Zagorodny Kvartal will be at the heart of the one of the most rapidly-developing districts in the Moscow region. It is 4km from Sheremetyevo International Airport, 8km from the Moscow Ring Road and 10km from Kimki Business Park.
Highway upgrades planned for 2012/2013 will provide quick, congestion-free routes to and from Russian capital, and a new high-speed toll road will mean easy connections to St Petersburg.
Residential units for sale in Zagorodny Kvartal phase one include studios, one, two and three-bedroom apartments and two, three and four bedroom townhouses.
For more information, visit www.zagorodny-kvartal.ru
About Zagorodny Kvartal
Zagorodny Kvartal is a joint venture between Limitless and RDI.
Limitless: Dubai-based Limitless was established in 2005 with the objective of enhancing lives through the delivery of distinctive, sustainable developments. Limitless specialises in master planning of large residential areas and project management, and has projects in the UAE, Saudia Arabia, Vietnam and Russia.
RDI Group: The RDI Group is a leading company operating in real estate in the Moscow Region. Founded in 2005, RDI Group’s main activities are suburban real estate developments, high-rise buildings, industrial developments, construction management and management and development of land assets.
Expobank: A universal bank operating in the Russian banking services market since 1994 (General License of Bank of Russia for banking operations № 2998 dd 06.02.2012). The principal owner of the Bank is Mr. Igor Kim. Expobank has 12 offices in six cities in Russia. The Bank has 500,000 customers today - individuals and more than 6000 corporate clients and individual entrepreneurs.
Expobank is a member of VISA and MasterCard. Bank has more than 60,000 active users of its cards; about 1,000 companies use its business acquiring system. In February 2012 the rating agency "Rus Rating" assigned the following ratings to the Bank: the national scale - «A», "stable" and the international scale - «BB +», "stable".
The Bank is a participant of the Deposit Insurance System of Russia and acts as a guarantor in relation to the Federal Customs Service