DB Development starts the first project in Russia
25 February 2008DB Development (DBD), joint venture Deutsche Bank and Austrian building holding Strabag, starts the first project in Russia: the company will operate construction of area “Khimki-city” - office, trading and hotel areas.
Deutsche Bank and Strabag have declared about creation of DB Development the almost a year ago. Russian Joint-Stock Company “DB Development” has been registered on January, 30th, 2008, and then shareholders have approved the first project - fee-development (construction management for compensation) business area “Khimki-city”.
Now construction of a complex “Khimki-city”, which is assuming creation of nearby 400 thousand square meters of office, trading and hotel areas, is being managed by company Platzdarm Development. “DB Development” involves financing from Deutsche Bank. Shareholders of the project will decide later how the powers between these companies will be divided.
Except for fee-development “DB Development” will be engaged in the organization of financing of projects. Cost of fee-development can reach up to 10 % from cost of the project, and in case of opening the credit - 1-2 % from the sum of the involved investments.
