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Azeri real estate project receives $15.5m financing
The European Bank for Reconstruction and Development will lend $15.5 million
to AzInvest Property to help it develop a 2.6-hectare Baku site into a $42.6
million office complex, EBRD officials announced at their annual meeting here.
The office complex will be leased by BP Exploration (Caspian Sea) Limited for
developing the Azeri, Chirag and Gunashli (ACG) oil fields, the Shah Deniz gas
and condensate field, the Baku-Tbilisi-Ceyhan (BTC) oil export and the South
Caucasus Pipeline (SCP) gas export pipeline projects.
The site on downtown Jalil Mammadguluzade Street, close to major hotels, a
sports complex and inter-city highways, will be developed with two five-floor
and two four-floor buildings. BP has signed a development agreement for
approximately 18,900 square meters Class-A building complex.
BP’s operations in Azerbaijan, employing approximately 1,000 Baku-based staff,
are currently run from six different buildings in different parts of Baku, and
moving into one space will maximise efficiency.
Azinvest Property, set up to develop the Baku office complex, is a subsidiary
of Azpro Holding. Azpro Holding is an affiliate of the Azpetrol Group, one of
the largest Azerbaijani private companies distributing, storing and
transporting oil and other petroleum products.
For the implementation of the project, AzInvest Property has engaged Bovis
Lend Lease of the United Kingdom to provide project management services, RMJM
of the United Kingdom as project designers and ZAFER of Turkey as general
contractor.
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