Kazakh real estate developer Chagala Group has signed a joint venture agreement with Maverick, a company based in the town of Aksai to renovate, own and operate a residential and recreational facility in the centre of the town. The joint venture company expects to become fully operational in the second half of 2008.
Kazakh real estate developer Chagala Group has signed a joint venture agreement with Maverick, a company based in the town of Aksai to renovate, own and operate a residential and recreational facility in the centre of the town. The joint venture company expects to become fully operational in the second half of 2008.
Chagala is taking a 50.1% stake in the venture and will manage the day-to-day operations. The project comprises 150 apartments, a dining hall, laundry facilities and an Irish pub. The venture will also own a four-hectare green-field site nearby.
Aksai is the home town for the Karachaganak gas condensate field, one of the largest fields of its type in the world. The operating consortium behind the project is the Karachaganak Petroleum Operating (KPO), and consists of BG Group, Eni, Chevron and LUKOIL. KPO is currently lining-up the third phase of the field development that will run to 2015.
Chagala was established in 1994 and is the leading real estate developer in west of Kazakhstan. Its shares have been traded on London's main stock market since 27 February 2007.