OREANDA-NEWS. September 25, 2007. "Torgoviy Kvartal" and "TriGranit Development Corporation" organized a press-conference which took place in National Hotel, Moscow.  TriGranit Development Corporation, one of the largest real estate investment and development companies in Eastern Europe announces the successful signing of an agreement to purchase a 50% stake in the Torgovy Kvartal Group of Companies.  The share purchase agreement was signed by Sandor Demjan, the founder and president of TriGranit and Mikhail Kirsanov, the Chairman of the Board of Directors of Torgoviy Kvartal JSC. 

The partnership will enable both companies to utilise the growing potential of the Russian market to the full extent and bring to life new projects with a value of over 1 billion Euros in the coming years.  This transaction will also offer TriGranit access to secured projects, a highly qualified personnel base of more than 360 experts, and relationships with new customers and business partners. 

Together, the two businesses are highly complementary, underscoring the deal’s strong business logic.  This combination, supported by a strong financial background will let the partners join the top five players of the Russian commercial real estate development market. 

Commenting on the acquisition, Sandor Demjan said, “Being absolutely confident that Russia is in the right hands and on the way to prosperity, we’ve been continuously looking for prominent local partners to help us achieve our growth strategy in the country.  Also, taking into account the global economic processes and the fact that a large-scale credit crunch happens for the first time ever in the West and not in the East, this transaction provides TriGranit with a platform for expansion, increasing our access to the lucrative Russian market and its huge potential, and a gateway to new opportunities”. 

"Our wide experience in real estate development and management is backed robustly by sustainable financial resources and the international reputation of TriGranit as a reliable business partner, opens new horizons for us and provides Torgoviy Kvartal with a dominant competitive advantage in the Russian market", - says Mikhail Kirsanov, Chairman of the Board of Directors of Torgoviy Kvartal Group of Companies. 

The current project portfolio of Torgoviy Kvartal includes shopping and leisure centres in Naberezhnye Chelny, Nizhni Novgorod, Omsk and Domodedovo in the Moscow region.  Moreover, the company is considering the offers on purchase of operating commercial real estate objects with a view to further development and creating additional value through better management and/or positioning and the use of international know-how.  To achieve this goal, Torgovy Kvartal is holding analysis and negotiations on land plots in Penza, Ryazan, Samara, Saratov, Ufa, Kazan, Syktyvkar and other regions of Russia.