OREANDA-NEWS.  On 27 February 2008 was announced, that Aleksey Bogachev, owner of more than 15 per cent of Magnit chain, chairman of board of Sistema bank, is to invest $150 million in the construction of an elite residential estate with the area of 21,000 square metres on Bolshaya Nikitskaya Street, near the Kremlin in Moscow, Kommersant daily reported.

Originally it was planned to build offices on the site but due to the ban by the city authorities of Moscow on building offices in the city centre the complex containing 30 flats, 20 apartments, commercial premises and an underground parking garage for 170 car spaces will be put up there.

According to the edition, Mr Bogachev can get a part of the money to invest in the construction of the elite residential estate having sold about a per cent of Magnit chain in the value of $35.6 million during SPO in London in April-May 2008.