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Michaniki proceeds with Russian projects as scheduled

17 February 09 | Μ. Emfietzoglou
Μ. Emfietzoglou

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"Our projects in Russia are proceeding as scheduled. We have taken of course precautionary measures, by renegotiating our contracts with suppliers. We consider Russia to be a country of firm infrastructure, resistant to the current crisis, and we want to be ready when financial conditions change", said Mrs Melina Emfietzoglou, managing director at Michaniki, speaking to www.ered.gr about the company’s developments in Russia. Mrs Emfietzoglou appeared cautious but optimistic about the crisis: "We believe that the current situation calls for patience, slow and steady moves, but not a complete halt of activities".

"Our projects in Russia are proceeding as scheduled. We have taken of course precautionary measures, by renegotiating our contracts with suppliers. We consider Russia to be a country of firm infrastructure, resistant to the current crisis, and we want to be ready when financial conditions change", said Mrs Melina Emfietzoglou, managing director at Michaniki, speaking to www.ered.gr about the company’s developments in Russia. Mrs Emfietzoglou appeared cautious but optimistic about the crisis: "We believe that the current situation calls for patience, slow and steady moves, but not a complete halt of activities".

Michaniki had majorly expanded its activities in Russia, buying 9 properties, corresponding to a total of 865,200 sq m, for $87.1 mln, while their market value on June 2008 was estimated at €293,3 mln. Constructions on two of the scheduled projects have already started, will the rest are in the permit issuing stage.

The first project underway, Ira, is a modern 9-storey housing building, located in the Lobanovo northern Moscow area. The necessary permits for this 15,500 sq m housing project were issued on January 16th, and the plans include apartments, retail stores, gymnasiums and underground parking spaces, while its cost is estimated at €12.3 mln.

The second project, Megas Alexandros, is an office-apartment complex, estimated at €163.4 mln. The construction is taking place in the Khimki Moscow suburb, on a 2 hectare plot. The complex will comprise three towers, 20, 25 and 34 storeys each, rising to a maximum 135 meters, ground floor retail stores and 3 underground parking spaces of 1375 vehicles total capacity. The total surface area is set to 157,190 sq m, while according to the initial planning, the project will be completed by October 2010.

 

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