Etalon Group considering entering markets in Asia, Africa, Eastern Europe
SAINT PETERSBURG. Aug 4 (Interfax) - Developer Etalon Group is considering the possibility of entering markets in countries in Asia, Africa and Eastern Europe, founder and CEO Vyacheslav Zarenkov told Interfax in an interview.
"There are proposals to enter developing countries where there is demand for tens of millions of square meters of housing and projects are offered at preferential conditions. These are countries in Asia, Africa and Eastern Europe," he said.
Zarenkov said that this was an interesting business area as implementing projects in these countries proposes large volumes, high profitability, good conditions for tax breaks, the ability to obtain approval documentation and buy plots of land.
"There may be announcements about some projects in these regions before 2020, but not this year as in 2018-2019 we will need to choose our next development strategy from 2021," he said.
Russian developer and construction group Etalon was founded in 1987. The company held an IPO on the London Stock Exchange in April 2011, offering 28% of its shares at $7 per GDR. The IPO raised around $575 million, the bulk of which ($500 million) was received by the company itself and the rest going to selling shareholders, among which were Baring Vostok, Gazprombank Asset Management, the Zarenkov family and a number of company managers.