VTB will create a fund for the construction of cottage settlements on the ruble

04.01.2011 00:00
Articles about real estate | VTB will create a fund for the construction of cottage settlements on the ruble VTB, the second largest bank in Russia, intends to create a closed-end mutual fund (CUIT) for the construction project on 1.2 thousand hectares of land a few cottage communities with housing stock of about 500,000 square feet on the Rublyovo-Uspensky highway, the assessed value of land is 1 ,2-2, $ 4 billion, writes in Wednesday's Kommersant newspaper, citing senior vice president of Bank of St. Paul Kosovo.

Thus, implementing a construction project at sites in the crisis which came into ownership of the bank after the realization of collateral on the loan, "OPK Development," the senator from Tuva, Sergei Pugachev, VTB, will qualify for 15% of the market outside Moscow.

Related article: Cottage development near Moscow terrified Lukashenko

"CUIT - more convenient form for such a project. Now a fund is in the process dosoglasovaniya, within the nearest time we will finish his creation," - said of Kosovo "Kommersant", specifying that all units of the FTRA will belong to the VTB. Assess the value of the assets the fund Kosov refused, saying that "while talking about it prematurely."

According to the director of marketing for Absolut Management "by Anna Shishkina, the market value of 1.2 thousand hectares, owned VTB, is 1,8-2,4 billion (estimated 15-20 thousand dollars per hundred square meters). "The minimum investment in the construction of 500,000 square meters of housing taking into account the summing up of communications will be about $ 650 million (estimated at 1.3 thousand dollars per square meter). But in the case of cottages premium price can increase substantially," - said Ms. Shishkin.

Director, Department of suburban real estate company Penny Lane Realty, Dmitry Tsvetkov doubt that the market will be ready to swallow a number of real estate on Rublevsky highway. "The capacity of the route, especially for" gorkinskim "traffic lights, and so is quite low, and if we increase the traffic flow twice, then Ruble just get up" - said Tsvetkov.

Based on the area of land transferred to VTB CUIT will not be included among the largest fund-zemlevladetsev. However, taking into account expert estimates the value of the former land Pugachov CUIT VTB has all chances to become the largest by value of the assets transferred. Thus, the net assets of the current market leader CUIT Kazan land investment fund "account for only 21 billion rubles ($ 680 million).
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