OREANDA-NEWS.  On 14 February 2008 was announced, that one of Mirax Group companies closed a transaction to acquire 19.09% of JSC City shares. Under a respective contract with Moscow Government, the said company is currently managing construction and development of the "Moscow City" International Moscow Business Center.

On January 30, 2008 one of Mirax Group companies closed a transaction to acquire 19,09% of ОАО City shares. Furthermore, the Corporation is currently planning to acquire an additional block of ОАО City shares. The parties are keeping the amount of the transaction confidential.

JSC City is currently managing the construction and development of the "Moscow City" International Moscow Business Center. The company deals with various matters relating to the management of external utilities, transport routes, ensuring security within the "Moscow City" premises, etc.

Mirax Group, which is currently building the tallest building in Europe – the Federation Business Complex – on the "Moscow City" IMBC premises, lays specific stress on an efficient operation of the engineering and social infrastructure, as well as on maintaining order within the entire IMBC premises. This is exactly why the Corporation is planning to take part in JSC City day-to-day management activities in order to facilitate resolution of outstanding issues relevant for all "Moscow City" developers.

According to Dmitry Lutsenko, member of the Mirax Group Board of Directors, this move has been made in order to be able to manage the "Moscow City" premises more efficiently. "The time has come to join the efforts of all IMBC developers in order to resolve outstanding issues relevant for all of us. Experience of construction within the IMBC premises shows that ensuring adequate operation of the entire infrastructure requires a brand new level of project management expertise,” said Dmitry Lutsenko.