Russian bank targets Hammersmith development
A Russian bank is set to launch a large-scale investment in prime West London residential property, according to reports.
Vneshtorgbank, Russia's second largest bank, is set to invest vast amounts of money in the development of a residential property complex in the Hammersmith neighbourhood, claimed the RBK business daily.
The bank was quoted as saying that it was investing in "the purchase and construction of a residential complex", with as much as $260 million (£131 million) claimed to be at envisaged for the project.
The area in question is already benefiting from a renovation drive, with nearby Shepherds Bush station set for reconstruction work in 2008 as new shopping facilities and a new underground stop are brought into use.
Vneshtorgbank is a state-controlled institution, dating back to Soviet times, and with an initial public offering earlier this year said to have raised as much as $8 billion, the large-scale Hammersmith investment could bring grant the area with sought-after top end rental property.
Published 27th December, 2007
© 2007 Estates IT Limited
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A Russian bank is set to launch a large-scale investment in prime west London residential property, according to reports.