Roman Abramovich Starts Construction Of New $90 Million Suburban Office Building In Moscow

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Millhouse llc, an investment vehicle that manages some of billionaire Roman Abramovich‘s money, has announced it will invest US$90 million for the construction of the fifth in a series of low rise office buildings in its Krylatskiye Kholmy office park which is located in the western suburbs of Moscow.The new six-story building will comprise 370, 000 square feet of leasable space and will also be home to restaurants, cafes, banks and retail, as well as provide
parking for another 500 cars.

Yelena Malinovkaya, who us Millhouse’s Director for real estate leasing said, “A number of factors including the high class of the business park, quality tenants, reasonable lease price and developed infrastructure pushed the demand for office space in the business park above the existing supply, ” adding “So a decision was made to increase the area of the business park by one-third.”

The four existing buildings of Krylatskiye Kholmy, built in 2004, have a total leasable area of 800, 000 square feet. There is also existing parking space for 2, 100 cars.

The current rent roll comprises high quality tenants, including Microsoft, Johnson&Johnson, Intel, BAT, 3M, Cisco, GlaxoSmithKline, Colagate Palmolive, InBev and DuPont.. Construction of the new fifth building is currently expected to be finished by early 2015. The cost of the project comes out at about US$250 per square foot.
About Roman Abramovich

Roman Abramovich, who today is 47, is a Russian businessman and principal of the private investment company Millhouse llc as well as owner of Chelsea Football Club, an English Premier League football team. Abramovich has a personal net worth of approximately US$9.2 billion, according to the 2014 Forbes billionaires list (Bloomberg has a rather higher figure).

Abramovich’s Midas touch has succeeded in a wide range of businesses, including at different times oil (Sibneft), aluminum (Rusal), steel (Evraz) which he still holds but perhaps wishes he didn’t as it has fallen heavily in value in recent months, nickel (Norilsk) which he acquired in 2013 and consumer goods.

As a close friend of President Boris Yeltsin, he then even had an apartment in the Kremlin, and was one of the key beneficiaries of the privatization of state enterprises following the fall of the Soviet Union. Abramovich was also a key early backer of Vladimir Putin’s candidacy to eventually replace Yeltsin.
In 1999, Abramovich was elected Governor of Russia’s remote, poor eastern region of Chukotka, where he invested millions to upgrade the quality of life over the next eight years he remained in that role before withdrawing in 2013.

Abramovich has served as Chairman of the Federation of Jewish Communities of Russia and has been a generous donor to Chabad. He has been married twice, and had five children from his first marriage before meeting Dasha Zhukova. He and Dasha have two children together; Aaron, born in 2009 and Leah born in 2013.

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