City Developments In US$125m Russian JV

Source : The Business Times, October 17, 2007

Singapore's property developer City Developments (City Dev) said on Wednesday that it has agreed to acquire a 50 per cent stake on Russia's Soft Proekt, which owns a hotel and service apartments in Moscow.

The US$125 million joint venture is with Golden Orchard Hotels, which is buying the remaining 50 per cent of the firm.

Related Link - http://tinyurl.com/26gszb
City Developments' Press Release

Golden Orchards is linked to Sudhir Gupta, founder and chairman of Amtel Group of Companies, CityDev said in a statement.

Soft Proekt owns the Iris Congress Hotel and a 9-storey serviced apartment building in Moscow. -- REUTERS