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VTB establishes VTB Real Estate

 
18 April 2011

© RIA Novosti, Vladimir Vyatkin

On 18 April 2011, a developer company, VTB Real Estate Ltd. was established, with a 100% share holding by JSC VTB Bank. The company’s aim is to manage an investment project to be implemented on Moscow Region lots along Rublevo-Uspenskoy Road, with the square of more than 1,082 ha. The Bank acquired the lots when restructuring the debts of the United Industrial Corporation.

Under the project, VTB Real Estate will perform the functions of a general customer and try to increase market capitalization of the lots. The company will also draft and finalize the project concept, hold advertizing campaigns and tenders to select major participants. Besides, the company will control the construction progress and real estate sale. The investment project will run for 15 years.

Pavel Kosov, Senior Vice President and Head of Construction Department of the Bank is appointed General Director of VTB Real Estate. He underlines that “the unique location of the project close to the Moscow River and also its vast territories will allow VTB to implement De Lux class projects with a modern infrastructure and recreation facilities. Presently, the project has no analogues in the market of country real estate of such class”.

Andrey Puchkov, Deputy President-Chairman of VTB Bank Management Board, emphasized that “the new structure within VTB Group is specially designed to implement a non-core asset of the Bank. VTB still seeks to sell its non-core assets. But until really interested and solvent buyers appear, the Bank will continue to manage its assets trying to increase their capitalization”.


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