Hungarian developer Trigranit is planning to invest some EUR 5 bn to buy companies and develop real estate in Russia. The Budapest-based company bought a medium-sized Russian firm last week and aims to acquire as many as nine more, chairman Sandor Demjan said in an interview to Bloomberg on Thursday. Its first project in the country will be a 200,000 m[sup]2[/sup] development in the centre of Krasnodar, a city on the Black Sea. The value of the investment is estimated at $1bn (EUR 750 mln).
Hungarian developer Trigranit is planning to invest some EUR 5 bn to buy companies and develop real estate in Russia. The Budapest-based company bought a medium-sized Russian firm last week and aims to acquire as many as nine more, chairman Sandor Demjan said in an interview to Bloomberg on Thursday. Its first project in the country will be a 200,000 m2 development in the centre of Krasnodar, a city on the Black Sea. The value of the investment is estimated at $1bn (EUR 750 mln).
Last January, Trigranit formed a venture with a unit of Moscow-based ZAO Gazprombank to build retail and office buildings across Russia. 'There is huge potential and huge possibilities right now in Russia,' said Demjan. The developer is also planning to raise more than EUR 5 bn by selling shares which will be listed in Moscow and London within three years, Demjan said. Vienna-listed real estate company ImmoEast bought a 25% stake in Trigranit in July last year.
