O1 Properties thinking of putting $30m into Moscow apartment project

By Andrei Skvarsky.

O1 Properties, a Russian investment company owning and managing premium-class office space, is considering investing about $30m into the planned construction of about 200 apartments on the premises of a cultural and business complex in central Moscow.

The apartments, to be part of the Bolshevik complex, would have a total floor space of 15,000 square metres (160,000 square feet), Russian state news agency RIA Novosti cited O1 Properties chief executive Dmitry Mints as saying at the Moscow Urban Forum, an annual large-scale urban development conference in Moscow, last week.

The project includes conversion of existing buildings at the cost of $2,000 per square metre (10.76 square feet), Mints said.

Bolshevik, situated on the Leningradsky Prospekt thoroughfare about five kilometers (three miles) from the Kremlin, was conceived as just an office compound but a drop in demand for office space in Moscow forced its planners to add apartments to it, RIA Novosti said.

The news agency said O1 Properties had incurred total losses of $177m for 2015 under International Financial Reporting Standards.

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