The tender commission of Moscow is looking for new investors for the Moscow City project. It is a project to construct a complex of highrise buildings of around 150,000 square meters. Previously the construction of the project was given to an Africa-Israel firm.
However, their project was very complex and many experts believed the company would not be able to fulfil it. The announcement of the new tender for the project indicated this company did not do anything and withdrew from the project. The firms will have to prove their ability to invest at least USD 300mn in the project.
The tender will be won by the company that offers the largest share for Moscow government in the joint project. The auction will start at 25% of the government's stake. According to experts, construction of Moscow City project will be finished by 2015 and maybe even 2020. Among possible investors are Sistema Group and Inteco Group.