The company affiliated with Seven Suns Development buys from Summa Group, owned by an arrested billionaire Ziyavudin Magomedov, its only development project in Moscow.
This is about a mixed-use complex located in Beskudnikovo, Vedomosti newspaper reports citing sources close to the transaction parties. Summa Group expects to gain 2,2 billion rubles ($35 million) from the asset’s sale, the interviewed experts claim.
The facility is situated in Beskudnikovo production zone No. 49 on Ilimskaya street. Its area amounts to 259,000 square meters, 194.2 square meters of which is residential area while the rest are commercial real estate and infrastructure.
We should remind you that the Russian tycoon Ziyavudin Magomedov was arrested by Russian law enforcement on charges of embezzling over $35 million. Magomedov holds assets in Russian construction projects through Summa Group and has investments in the Virgin One Hyperloop project in the USA.