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10 March 2015

RHDF and Turkish Orteksan sign the Memorandum of Understanding

The MOU is aimed at developing cooperation intended for an engagement of Turkish companies in the development of residential and other properties in Russia. Pursuant to the MOU, the parties will exchange information and organize the activity of Turkish companies planning to implement projects in Russia.
Orteksan’s Managing Partner Berksan Buyukyildiz commented on the MOU signing: “As many as 3,000 Turkish companies run operations in the Russian Federation. Currently calculated at ten billion US Dollars, Turkey’s investments in Russia are increasing annually and we’re convinced that this figure will double in the near future. Signing the MOU with RHDF will help to achieve this goal. Turkish real estate investment trusts and construction companies would like to be more involved in the Russian market.” Mr. Buyukyildiz believes that Turkish companies have a great interest in implementing projects in various Russian regions. In the coming months, RHDF will auction off land plots located in 14 different regions of Russia. As a rule, land plots offered by RDHF have an attractive location and good transport accessibility. Mr. Buyukyildiz says that thanks to cooperation with RDHF Turkey’s developers can, among other things, create industrial parks in Russian regions, which, in turn, can incentivize Turkish companies to launch production facilities in Russia.
“Today’s signing of the MOU with our Turkish partners is a sign of European investors’ interest in the Russian construction and development market,” said General Director of Russian Housing Development Foundation Alexander Braverman. He went on to note that the Foundation intended to develop projects on the creation of industrial parks, as their implementation is in line with the country’s technological development strategy and the concept of reducing dependency on natural resources. “Turkish companies have broad experience in the creation of technology parks, with over 200 successfully implemented projects. We are currently actively working on industrial park projects. For example, we are running a project in Ryazan in an area of 123 hectares, and another one in Smolensk region on a land plot of 136 hectares. In both cases, the regional government strongly supports investors,” Mr. Braverman stated.