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EBRD invests in affordable office development in Almaty
Continuing its support for the development of strong successful businesses in Kazakhstan, the European Bank for Reconstruction and Development (EBRD) is committing US$ 9.8 million (€ 9.4 million) for completion of construction, letting and management of an office development in Almaty. The investment is being made with the TuranAlem Bank, a Kazakhstan open joint-stock company, and the Ucgen Group, a Turkish design and construction company.
The project, on a 6,800m2 site, comprises two 17-storey tower buildings, which can be interconnected. These will provide total rentable areas of 11,298m2 international-standard office space, 1,840m2 bank branch space and 3,169m2 multipurpose commercial space, with 53 indoor and 64 outdoor car-parking places.
"In completing this development the EBRD will help stimulate competition in Almaty’s high-quality property sector," said Edgar Rosenmayr, Director of the EBRD’s Property, Tourism and Shipping team. "The real estate market is currently dominated by properties charging high rates relative to the quality of premises. The lower rental cost of this development will bring better, more affordable properties to Almaty’s business community, making Kazakhstan more attractive to investors."
"We welcome the EBRD financing for the completion of this offices complex," said Erzhan Tatishev, the Chairman of the TuranAlem Bank. "This is a principal investment for TuranAlem in the Kazakh property sector."
The EBRD was established in 1991 following the collapse of communism, to aid the transition from centrally planned to market economies in central and eastern Europe and the Commonwealth of Independent States (CIS). The EBRD is owned by 60 shareholders: 58 countries, the European Investment Bank and the European Community, and operates with € 20 billion in authorised capital.
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