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Russian developer to build premium class residential compound in Berlin

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Russian developer to build premium class residential compound in Berlin

 

The Vesper company is going to invest €30m in a project in Berlin, “Vedomosti” reports.

The Pier One Berlin premium class residential compound with the total area of 7,800 sq. m will be built in the centre of Berlin, in Mitte district. The land plot for the construction was part of the territory where Austrian CA Immo had planned to implement the project of Palais Europacity Berlin. In 2016 the Austrian company put the plot on sale, Vesper won the auction. According to “Vedomosti” the permit for the construction has already been received, and the Russian developer is presently holding a tender for selection of a contractor. The construction is to be completed in 2018. Vesper’s investments in the new projects in 2017 may achieve 15 bln roubles (about €233m) with 4 projects they are going to present on the market.

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