“Sheremetievo-4” belonging to the Russian RDI and Arabic Limitless companies has agreed with the main loaner on debt repayment and put up 63 hectares in the “Zagorodny quarter” project for sale, “Vedomosti” reports.
“Sheremetievo-4” is the developer of the “Zagorodny quarter” project in Khimki (the Moscow region). The project totals 113 hectares where the developer planned to build 730,000 sq. meters of realty. The company-developer owed to the “Y-brand” company 1 bn roubles ($17.4m) which they agreed to repay by selling 63 hectares (actually, half of the project).
For today, the total debt including penalties is about 1.2 bn roubles ($19.7m). The land plot of 63 hectares which was first planned to be transferred to “Y-brand” as part of the debt repayment. The “PIK” GC, Ingrad and “ Samolet Development” companies have shown interest in the plot.
According to experts, as the edition reports, 13-16 bn roubles may be needed for the construction of a project including 300,000 sq.m of residential housing, 10,000 sq.m of townhouses and 30,000 sq.m of a retail-park on the 61hectares of the “Zagorodny quarter”.