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Head of the Glorax Group, Andrei Birzhin, announced the acquisition by Glorax Development Company of a land plot on Ligovsky Prospect in St. Petersburg with an area of 27.5 hectares. The deal amounted to 519.7 million rubles.
This section was leased by Russian Railways for a long term; 36 real estate objects are located on it, including railway lines, production and warehouse facilities, and other engineering infrastructure. Glorax Development will be able to start implementing its own projects in this territory after registering the ownership of the buildings and obtaining rights to the site.
“Glorax Development Company takes an active part in the renovation of the “gray belt” of St. Petersburg, so the acquisition of another depressed area on Ligovsky Prospect fits in with our strategy of development and construction of ambitious projects on the site of former industrial zones. On the example of the ongoing comprehensive project named Ligovsky City, we see how high the consumer interest is in a well-thought-out multifunctional environment.” – commented Andrei Birzhin on the deal.
The large-scale Ligovsky City project, already implemented in the Frunzensky district, is a “city in a city” and includes housing, commercial, business, social infrastructure and recreational facilities. Ligovsky City is the winner of the prestigious award of “European Property Awards”, the prestigious award “PREF Awards-2018” in the “City in the city” nomination. Ligovsky City entered the list of the best projects in Russia in the nomination of “Residential Development”.
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