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Greek Michaniki to build residential complex in Moscow May 2, 2007

Posted by grhomeboy in Business & Economy.

Greek construction group Michaniki said that its Michaniki Russia unit has initial plans to construct a large, modern residential area on the southern outskirts of Moscow.

To fund the acquisition of the land, the Russian unit will raise its share capital by 10 million euros to 40 million euros, of which Michaniki will contribute 6 million, and another three of its units will contribute 4 million.

The complex will cover more than 700,000 square meters, and includes a commercial shopping centre, schools, kindergarten, a church, health centre, sport facilities and parks, Michaniki added.

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