VTB and Rungis will create Russia’s largest wholesale market of food products

Moscow. December 7. VTB and the French company Semmaris, which is a management company Rungis, signed a licensing agreement to create in the Moscow region the country’s largest wholesale market of perishable goods – ORC “agricultural Park “Maksimikha”, the correspondent, who was present at the signing ceremony.

The estimated amount of the project investments will amount to 40 billion rubles. Construction work will begin in the second half of 2016. Construction is slated for completion in late 2018.

The head of VTB Andrey Kostin reported to journalists that in the aggregate amount of investments in the construction of the project will amount to 60 billion rubles. The remaining 20 billion – the amount needed to build housing, transport and logistics center and to prepare the territory for industrial area.

The scheme of financing and legal structure of the project is now being developed. The head of VTB said that the door for potential co-investors opened.

“We believe that a significant portion and even more funds will be attracted from other creditors”, – he said.

Semmaris – the operator of the world’s largest high-tech food-and-logistic centre Rungis International Market.

That structure VTB will build in the Moscow region wholesale distribution center on an area of 300 hectares, it became known in June this year. In July, Russian Deputy Prime Minister Arkady Dvorkovich has instructed a number of agencies together with the government of Moscow region and VTB to revitalize the work on the project of the agricultural Park. The construction will be carried out on land owned by VTB.

“The earth belongs to us, we got them a few years ago, just under development, we are engaged in. Can’t say that originally, the idea was to create such a cluster, but the market suggested that this is a promising direction”, – said the head of the Department of construction projects – senior Vice-President VTB Pavel Kosov.