Deutsche Bank and the Austrian developer Zao Strabag have teamed up in a joint venture called DB Development to operate in Russia's real estate market and the Commonwealth of Independent States' (CIS). This will be the first time a western European builder is both contractor and investor in Russian projects. The new 50/50 joint venture is planning to build over 1 million m[sup]2[/sup] of housing and commercial space over the next three years with a focus on Moscow, St. Petersburg and other large Russian cities.
Deutsche Bank and the Austrian developer Zao Strabag have teamed up in a joint venture called DB Development to operate in Russia's real estate market and the Commonwealth of Independent States' (CIS). This will be the first time a western European builder is both contractor and investor in Russian projects. The new 50/50 joint venture is planning to build over 1 million m2 of housing and commercial space over the next three years with a focus on Moscow, St. Petersburg and other large Russian cities.
DB Development's first project will be the Four Seasons site in Moscow, for which Deutsche Bank will grant a credit of $350 mln (EUR 261.8 mln), the daily said. The Moscow Hotel will also be the first project in Russia operated by Four Seasons. The site will provide 80,000 m2 of five-star hotel space. In addition to the hotel, the development scheme will include offices, a shopping area, a congress centre and a car parking area, for a combined size of 183,000 m2. The developer for the project is Dekra, whilst Strabag will be the general contractor. The company is also planning to expand into Ukraine and Kazakhstan, the newspaper said.
Deutsche Bank and Strabag will have two representatives each on DP Development's five-member board of directors. The fifth member will be DecMos' ceo Dmitry Garkusha.
