Jul 1, 2013 / Russia

PPF Real Estate Plans to Deliver in the year 2014 the First Phase of Comcity Business Center in New Moscow

PPF Real Estate Russia, a division of PPF Real Estate Holding B.V. (a part of PPF Group N.V.), plans to commission the first stage of the Comcity multipurpose complex in so-called New Moscow in January, 2014.

Investments into the construction of the first stage of total area of 125,000 square meters will amount to approximately €230m and the construction of the second, third and fourth stages of total area of 320,000 square meters will cost €650m.

The engineering documentation of the second stage will be ready till July 1, 2013 and the company plans to finish the whole project in 2016. The first tenants of the complex will be hi-tech companies. PPF Real Estate Russia has already signed a few term sheets with future tenants.

Rental rates in the complex will be approximately twice lower compared to those in the downtown Moscow. Comcity is set to create more than 40,000 jobs.
Basic parameters of the project:

  • Situated 2 km from Moscow’s ring road, in the direction of Kiev and Vnukovo Airport (8 km); a Metro station is slated for opening close to the project in 2014

  • The total area of the plot is 45 hectares and the expected leasable area is 420,000 sq m (in 4 phases)

  • The first phase includes 126,000 sq m, of which 90,000 sq m has been leased, primarily by Rostelecom, a telecommunications company.