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.