VTB build up Rublyovka

Bank begins to develop the land, inherited by a pledge "OPT Development Company, affiliated with a member of the Federation Council Sergei Pugachev. According to the senior vice-president VTB Paul Kosovo, to property management will create a closed-end mutual fund. According to Kommersant, he could become the largest by assets in Russia. Passed into the ownership of the bank's 1,200 hectare Rublyovo-Uspensky highway is estimated by experts at $ 1,2-2,4 bln These lands will be used in three ways. The first is a comprehensive real estate development and infrastructure, the second - the sale of land with utilities and third - the realization of individual holdings. In this case, half the land will be allocated for the construction of cottage settlements business and premium class. The plans of the construction of 500 thousand square meters of housing, which could amount to about 1 thousand homes. Investment in construction is estimated at $ 650 million if the project will be successfully implemented, the new bank building will occupy 7-8% of the real estate market of Moscow Region. Previously, the structure of Senator Pugachev had planned to build on the land about 1 million square meters of residential real estate. However, to implement the project failed due to the transfer of land for collateral loan for $ 2.4 billion in borrowings in full were not refunded VTB, so the debt was repaid through the transfer of collateral to the bank.