Real estate developer OTKRYTIE commissions STRABAG as general contractor
Current project volume € 275 million, additional € 390 million are negotiated
Europe`s largest developer PIK commissions STRABAG als general contractror
Project volume € 80 million, total project investment of € 550 million planned by 2012
Vienna, 24 January 2008. Today STRABAG, the largest construction company in Central and Eastern Europe, and the Russian real estate developer OTKRYTIE-Nedwishimost (OTKRYTIE The Real Estate Company) signed an agreement for a strategic partnership in Russia today. OTKRYTIE-Nedwishimost is going to commission STRABAG as general contractor to construct commercial real estate in Russia.
On behalf of OTKRYTIE-Nedwishimost STRABAG currently builds an office and hotel building in the Moscow business district Pawelezkaja with a total floor area of 110,000 m2 and a project volume of approximately USD 400 million (€ 275 million). Furthermore, the partners are negotiating the realisation of other projects with a volume of around € 390 million.
Alexander Ortenberg, Managing Director of STRABAG AG Austria`s Russian subsidiary ZAO STRABAG, identifies many advantages with the partnership: “During the realisation of joint projects we got to know OTKRYTIE-Nedwishimost as a professional company. The partnership enables us to strengthen our Russian market position in the field of business facilities. We are able to secure the high grade of quality by already being involved in a project`s planning phase.”
In addition, STRABAG today signed a general contractor agreement with Europe’s largest developer PIK (market capitalisation on the Moscow Stock Exchange: € 15 billion) to build a residential high-rise in Moscow’s Kuntsevo district. The parties to the agreement are STRABAG and the ZAO (closed joint stock corporation) Monetchik, which is 100 % owned by PIK. The € 80 million contract involves the building of three residential towers with 332 apartments and a total useable floor space of 70,000 m². The project foresees expansion to 300,000 m² and a total contract volume of € 550 million, which STRABAG will naturally bid for as well.
With the new contract, STRABAG’s order backlog in Russia grows to more than € 2 billion.
STRABAG SE is one of Europe’s leading construction groups. With nearly 60,000 employees, STRABAG expects to post revenue from construction work of around EUR 11 billion in the financial year 2007. From its core markets of Austria and Germany, STRABAG is present via its numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in Western Europe and the Arabian Peninsula, as well as in Canada, Chile and India. STRABAG’s activities span the entire construction industry (Building Construction and Civil Engineering, Road Construction, Tunnelling) and cover the entire value-added chain in the field of construction. More information is available at www.strabag.com.