'Kiev Square' buys Russia’s Olympic Sports Complex
Kievskaya Ploshchad (Kiev Square), owned by Azerbaijani billionaires God Nisanov and Zarakh Iliyev, has bought the Olympic National Sports Complex, which belonged to Alyans Company of Musa Bajayev.
The deal was signed this month. The new owners of the Kievskaya Ploshchad intend to invest $300-400 million in the complex.
The complex was built on the eve of Olympic Games held in 1980 in Moscow.
According to the Moscow Deputy Mayor Alexander Gorbenko, the facilities in the complex are already old and don’t meet the relevant requirements. "There was need for reconstruction of the complex and an investor to make investment this complex," APA cited him as saying.
The reconstruction works will start in 2019 and last two years.