Kardan NV said Tuesday its real estate unit Globe Trade Centre SA is to invest 27 million euros for a 50 percent stake in an office development project in Russia.
The office development, situated near St. Petersburg, is expected to generate annual net revenues of 53 million euros upon its completion.
Completion is scheduled for between 2011 and 2013.
The company said this is its first venture into the Russian real estate market.
