OREANDA-NEWS. On 1 August 2008 was announced, that MIRAX GROUP Corporation sold a project of the underground retail and entertainment centre Smolenka to MegaStroy Construction Company for USD 60 million.

Smolenka is being built underneath Smolenskaya Square in Moscow and includes 4 underground levels with the area of 32,000 sq m. The upper 3 levels will be occupied by retail outlets, restaurants, cafes and entertainment facilities. A car park for 300 vehicles is to be located on the lower level.

At the launch of the project the investment into it was estimated at USD 120 million.

Aleksander Reprintsev, chairman of the board of MegaStroy, said that the contract had been signed on the condition that the purchaser gets the object with a permit to develop.

The deal is financed by the internal funds of MegaStroy. It is to be closed legally at the end of 2008.