DUBIA: Limitless, a member of Dubai World, and Moscow-based RDI have secured an AED120 million, three-year financing deal with Moscow’s Expobank for the continued construction of Zagorodny Kvartal, their mixed-use joint venture project near the Russian capital.
The funds will be used for phase one of Zagorodny Kvartal, which broke ground in late 2011, with preliminary work financed by Limitless and RDI. Phase one, launched for sale in March 2012, includes 700 apartments, 46 townhomes and extensive green, open space. Work is already underway on three apartment buildings and the first group of townhouses.
Zagorodny Kvartal will be at the heart of the one of the most rapidly-developing districts in the Moscow region. Located 24km north-west of Moscow, Zagorodny Kvartal, meaning Country Quarter, is being constructed alongside the Moscow Canal. It is designed to bring the great outdoors into the everyday lives of residents and visitors, providing quality urban-style accommodation in a countryside setting. When complete, the project will span 111 hectares and accommodate 14,000 people.
“This is a key milestone for the Zagorodny Kvartal project that allows us and our partner RDI to deliver a new style of development to Moscow: a walkable community where residents can step out of the city and into nature,” CEO of Limitless Saeed Ahmed Saeed commented on the deal.
CEO of Expobank Kirill Nifontov added: “This is a strategic partnership which we hope to strengthen and expand in the future. Housing construction today is a key industry for us.”