News

02.06.2017

RDIF and Renaissance Construction will invest into development of satellite town “Yuzhniy” in Saint Petersburg

Saint Petersburg, 2 June 2017 – The Russian Direct Investment Fund (RDIF), Renaissance Construction, the Government of Saint Petersburg and “Yuzhniy” Satellite town" LLC  have come to an agreement on joint realization of the  satellite town “Yuzhniy” on the land plots of more than 2 thousand hectares in Pushkinskiy district of Saint Petersburg. The relevant agreement has been signed during the Petersburg International Economic Forum. Within the frames of that agreement, RDIF and Renaissance Construction intend to provide the financial means for realization of that project. 

As planned, in the territory of the future satellite town there’ll be constructed residential quarters as well as an Innovative science and technology town including a campus of the St. Petersburg National Research University of Information Technologies, Mechanics and Optics (ITMO University) and some other innovative production sites. The project envisages attraction of a wide circle of investors.

Erman Ilıcak: “We are pleased to be able to work on such a large-scale project together with the one of the most respected organizations of the world - RDIF and one of the major developers - “Start Development” MC, CJSC . “Yuzhniy”  is a strategically important project not only in terms of its contribution into the economic and social development of the whole region but also in terms of its contribution into the economy of Russia. Upon completion of that project, “Yuzhniy” satellite town will secure employment possibilities for more than 60 thousand people. The scientific, cultural and technology centers, alongside with the being built University campus, will become an important basis for the future of Russia.  

Renaissance Construction was founded in Saint Petersburg and years later it reached a level of an international construction corporation which is active in 24 countries of the world. We are proud to have this possibility to use the accumulated within all these years expertise in the city where the first company of the Corporation was born. In addition to the investment projects which have been realized by us in Russia up to now, we, while working in close cooperation with our strategic partner – RDIF, will continue to develop this new project securing the social-economic welfare growth for the people of Russia.”