Investors Welcome to Take Over Historic Buildings

Following the example of Moscow and St. Petersburg, the Moscow region's government is ready to sell or lease out historic buildings to those willing to invest in their renovation, Vedomosti reported.

The are currently over 200 historic buildings in the region that are in bad shape, the authorities said. The Moscow region owns only 35 of them, while other buildings are municipal, federal, or corporate property.

The buildings are being offered to investors on several terms. They might get a right to lease a building for 49 years with an obligation to protect it and renovate it within 7 years. The region is also considering selling the buildings if they will be opened to the public after renovation.

The authorities said they had selected the 16 most attractive buildings.

(MT)