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22.01.2013   А1 press-releases

A1 ceased to be a shareholder of Gras group of companies

A1 Investment Company announces that it is selling its shareholding in Gras Group of Companies.

Gras Group is a major developer and producer of construction materials. The Group was established in 2005 and by now has carried out two significant development projects in Sochi – residential complexes “Alexandriyskiy Mayak” and “Novaya Alexandria”, and has also built and put into commission 2 autoclaved aerated concrete plants (with the annual capacity of 450 thousand m3 each).

Currently, plans of Gras Group of Companies include such development projects as construction of business-class residential complexes in Moscow and Sochi with the total area of 430 thousand sq. meters.

Originally, A1 considered the acquisition of a shareholding in a large development company Gras as a financial investment on the growing and having a huge potential real estate market. The existing market situation allowed the company to sell this asset on maximum favourable terms in accordance with the planned revenue targets.