Elena Baturina, a Russian entrepreneur and a wife of the former Mayor of Moscow Yury Luzhkov, completed a deal on acquisition of a plot of land in Limassol situated in Cyprus.
The site is located directly on the coast and is intended for the construction of elite items of residential property, a number of European media reported.
A total amount of investments in the project will be 40 million euro, the construction is scheduled to be completed by 2019. The next step will include conducting a tender for the creation of an architectural project of the future apartment complex.
Earlier this year, it was reported that Elena Baturina launched a development project in New York, where the businesswoman’s company acquired commercial buildings with an area of 1500 square meters, located near Barclay's Center, the popular venue for sports and entertainment events.