BELARUS NEWS AND ANALYSIS

DATE:

18/05/2008

Fishman and partner to build 550MEUR Minsk high-tech park

Michal Margalit

Svitland will also develop an office complex in Belarus capital

Fishman Holdings unit Svitland Ltd. will build two large-scale projects in Minsk, Belarus. In one project, the company and a partner have bought land on which they plan to build a high-tech park. The joint venture paid ?2.4 million for the 87.5-acre site. They plan to build 540,000 square meters of office, high-tech, hotel, and residential space, as well as the related infrastructures at an estimated investment of ?550 million.

In the second project, Svitland and a partner haves set up a joint venture, which has bought a 10-acre lot in Minsk on which they plan to build a 100,000-square meter office complex. The companies paid ?2.2 million for the land, half of which will be paid when the contract is signed and the other half when the building permit for the project is obtained. Svitland will provide 55% of the development financing for the project. The company did not disclose how much was involved or the estimated proceeds and profit.

Source:

http://www.globes.co.il/serveen/globes/docview.asp?did=1000343035&fid=1725

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