Fri, Oct
16 New Articles

Riko to build mixed-use development in Belarus


Riko group, a Slovakia-based company, has secured a contract to build a mixed-use development called Kempinski complex in Minsk, Belarus.

The project involves development of the five star Kempinski Hotel, which will have a total area of 22,765 square metres; 81 residential units, which will have a total area of 14,431 square metres; 14,926 square metres of office space; as well as parking and support facilities that will together claim an area of 23,411 square metres.

The estimated value of the entire project is €100 million ($134.27 million). The cost of development of the five star Kempinski Hotel is evaluated to be about €57 million ($76.53 million). The scheme has been designed by Russia-based SPEECH. The project is scheduled for a wrap in the end of 2013.

The company will secure 50% of the required finance from Elite Estate JLCC company and raise the remaining 50% on loan from a syndicate of international banks. The credit risk insurance for the loan will be provided by SID Bank as the agent of the Slovenian state.

Subscribe to our Newsletter
Cookies make it easier for us to provide you with our services. With the usage of our services you permit us to use cookies.
More information Ok