Real Estate in Brief

Eurocement's $10Bln Plans



Eurocement Group chairman Filaret Galchev said the company would invest $10 billion to create additional cement output, RBK Daily newspaper reported Monday.

Speaking at the St. Petersburg International Economic Forum, Galchev said the company would use its own funds to finance 30 percent of the investments and would seek to borrow the rest, the newspaper said.

Galchev said the $10 billion to be invested through 2015 would allow Eurocement to increase its output by 65 percent, the report said. (MT)




RZD Unit to Build Hotels



Zheldoripoteka, a Russian Railways subsidiary that builds housing for the company's workers, is planning to build a chain of three-star hotels near train stations, Kommersant reported last week.

A company created by investment fund Venture Investments & Yield Management, where RZD president Vladimir Yakunin's son Andrei Yakunin is financial director, will oversee the developments, Vedomosti said. The investment could total $225 million for 1,500 rooms by 2010 in cities including Sochi, Samara, Chelyabinsk, Yekaterinburg, Surgut, Astrakhan and Yaroslavl. (MT)




Mirax Holds Kursky Tender



Mirax Group has held a tender for tenants at Kursky Station, with prices ranging from 20,555 rubles ($875) to 180,000 rubles ($7,700) per square meter, Vedomosti reported last week.

Mirax chairman Maxim Privezentsev said the previous price was 10,000 rubles to 12,000 rubles per square meter, the newspaper reported. Among the winners were Yevroset, Coffee House, and L'Etoile, the newspaper said.

Mirax is renovating the station, and work is set to be completed in September, Vedomosti said. (MT)