Etalon Group Announces New Acquisition
Etalon Group Limited ("Etalon Group" or the "Company"), one of Russia's largest and oldest residential real estate developers, announces it has acquired development rights for a new project in Moscow with a total expected NSA of 138.9 ths sqm.
The acquisition of development rights for the residential development project in the Alexeevskiy district of Moscow marks another step towards Etalon Group's strategic goal of expanding its portfolio and operations in the Moscow Metropolitan Area (MMA). This project will be built on an 8-hectare land plot in an excellent location close to Sokolniki park and just 7 kilometres from the centre of Moscow.
The project site is 10 minutes' walk from Alexeevskaya metro station as well as from the Moskva-3 railway station, and has access to major roads including Prospekt Mira.
Construction is expected to start in 2015. Etalon Group plans to deliver project in 2018.
Etalon Group CEO Vyacheslav Zarenkov said: "This new project in Moscow's Alekseevsky district is our fifth MMA acquisition, a fact that serves as further confirmation of our commitment to expanding operations in this lucrative market. We have already made significant progress on expanding our MMA portfolio: with this new project our landbank in the region now equals approximately 1.57 million sqm of unsold NSA, or 39% of Etalon Group's total landbank."