Russian billionaire to invest $1 bn in development projects

February 29th, 2012 - 10:05 am ICT by IANS  

Moscow, Feb 29 (IANS/RIA Novosti) Open Investment (OPIN) development group, owned by billionaire presidential candidate Mikhail Prokhorov, will invest about $1 billion in several development projects in Russia in the next few years.

According to an OPIN statement, the group intends to build three multi-apartment residential compounds of elite, business and economy categories with a total floorspace of over 600,000 square metres.

It also has plans to build three cottage communities in an area of over 500 hectares and two large shopping malls with over 40,000 square metres.

The group will present its development projects at an oyster press lunch at the international MIPIM 2012 real estate show to be held in Cannes, France, in early March.

Prokhorov, whose fortune is estimated at around $18 billion, is the only independent candidate running in Russia’s presidential elections this Sunday (March 4). He is ranked by Forbes as the country’s third richest man.

Prokhorov will run against Putin and three others in the polls.

–IANS/RIA Novosti

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