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Author Topic: Gostiny Dvor shopping center approved for private ownership  (Read 1409 times)

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Gostiny Dvor Could Be Sold To Private Bidder At Auction

The oldest and most widely know shopping center in central St. Petersburg may be sold this year. Located in the heart of St. Petersburg o9n Nevsky Prospect, the center is seen by most tourists who come to the city.

In 2010, St. Petersburg could put up for auction buildings including Gostiny Dvor and the Nikolsky and Krugly markets.

Two weeks ago, City Hall gave the okay to a privatization program of six historic buildings in 2010. More buildings will appear on the list, said Deputy Governor Yury Molchanov. Approximately 10 sites are due to appear on the list, said Oleg Lyapustin, deputy head of the Committee for City Property Management.

Gostiny Dvor and the Nikolsky and Krugly markets are three objects on a list featuring up to 50 historic buildings that in spring this year were passed over from federal ownership to municipal ownership.

According to Lyapustin, the city expects to receive about seven billion rubles from the privatization project. The buildings will be sold at auction by the City Property Fund.

The high cost of reconstructing the buildings during the crisis creates a difficult situation for investors, said Yekaterina Markovets, director of the consulting and evaluation department for the Real Estate Development and Research Agency.

In 2000 the Committee for City Property Management transferred Gostiny Dvor to Viking bank. Viking now has the right to rent the building for the next 49 years for $1.5 million per year (excluding VAT). Alexander Zaozersky, first deputy president of the bank, did not comment on the bank’s participation in the auction.
Gostiny Dvor approved for private ownership

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