Glorax Development Company (a part of Andrei Birzhin’s Glorax Group) acquired a land plot on Ligovsky Prospect in St. Petersburg with an area of 27.5 hectares. This site was leased by Russian Railways for a long term; 36 real estate objects are located on it, including railway lines, industrial and warehouse facilities, and other engineering infrastructure.
The deal amounted to 519.7 million rubles. Glorax Development will be able to start implementing its own projects in this territory after the ownership registration of the buildings and obtaining rights to the site.
At the moment, Glorax Development is implementing a large-scale project for the integrated development of industrial territories in Ligovsky City near the Ligovsky Prospect in the Frunzensky District. The ambitious project is a “city in a city” and includes housing, commercial, business, social infrastructure and recreational facilities.
The head of the Glorax Group, Andrei Birzhin, commented on the deal: “Glorax Development Company takes an active part in the renovation of the “gray belt” of St. Petersburg, so the acquisition of another depressed area on Ligovsky Prospect fits in with our strategy of development and construction of ambitious projects on the site of former industrial zones. On the example of the ongoing comprehensive project named Ligovsky City, we see how high the consumer interest is in a well-thought-out multifunctional environment.”
Earlier Ligovsky City became the winner of the prestigious award of “European Property Awards”, entered the list of the best projects of Russia in the “Residential Development” nomination and also won in the “City in a city” nomination by a prestigious award of “PREF Awards-2018”.