Mirax Group has become the sole owner of the Groupe Hermitage.

Mirax Group Corporation of Sergei Polonsky has become the sole owner of the Groupe Hermitage the former French "daughter" of the "Stroimontazh" holding. It has been announced by the "RIA Novosti" news agency with reference to the Groupe Hermitage representative.

As it was noted, the transition of the Hermitage company from one group to another had taken place back in 2009. At the same time the company name was changed with the Groupe Hermitage.

Currently the Groupe Hermitage is building a complex of social housing in the Paris suburb of Massy and the "Hermitage Plaza" project (2 skyscrapers) which is planned to be built in the business suburb of Paris in La Defense. The height will be 323 meters. It is designed by Norman Foster the British skyscraper architect. The construction works are scheduled to begin in July or September 2011 and the commissioning is scheduled for 2016.

Total project investments makes 2 billion of euros. The company has already invested 150 million of euros into the complex another 150-200 million are planned to be invested in the first half of 2011. In addition the company has a loan agreement with 3 European banks for 700 million of Euros. The remaining money is expected to receive from the sale of real estate which is under construction at the present moment.

The "Stroimontazh"corporation was founded in 1994. There are about 800 thousand m2 of residential and commercial real estate done by the company. The founders were Arthur Kirilenko and the owner of Mirax Group - Sergei Polonsky. Later they shared their business - 90 % of the shares received Kirilenko and 10% by Polonsky.

The "Vedomosti" newspaper reported at the end of November 2009 that Kirilenko and Polonsky had ended their partnership before the crisis.

The Mirax Group appealed to Russian largest financial institutions (Sberbank, PSB, VTB, Nomos-Bank, Gazprombank and Alfa Bank) in mid-October 2010 with a request to open a lending credit in order to complete current projects. An open letter message said that the debt of the holding exceeds $ 500 million now and it "prevents the corporation from self-developing." The company asked its lenders to postpone debt repayments until completion of all current projects.

24 August 2011
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