PROJECTS: PRIVATE-PUBLIC PARTNERSHIP
Kachkin & Partners has supported concession agreement preparation and conclusion for the first PPP format hotel creation in St. Petersburg
St. Petersburg and "Center ATR-Saigon", LLC have signed a concession agreement on the citizens’ leisure and tourism facility reconstruction and operation at the St. Petersburg International Economic Forum. Kachkin & Partners has acted as the project’s legal and financial consultant.
Under this agreement the investor is obliged to perform a reconstruction (adaptation for modern use) of a building that is a cultural heritage object of regional importance. As a result of the reconstruction a “three stars” category hotel will be created on Vasilievsky Island with at least 100 rooms.
"Center ATR-Saigon", LLC will ensure the project implementation using its own and attracted funds. St. Petersburg, in its turn, will provide a land plot under a lease agreement and transfer the agreement object to the investor’s ownership and use. The agreement is valid through 2061. The volume of investments is at least 470 million rubles.
"This project has special significance not only for the city, but for the entire country. St. Petersburg has always been a pioneer in applying the most modern investment mechanisms in the most diverse infrastructure development areas. It refers to, first of all, transport health and culture. The first concession agreement in tourism field in St. Petersburg has been concluded today. I hope that the concession model will settle down and will be further developed in the implementation of hotel and other projects aimed at creating a comfortable urban environment", commented Denis Kachkin, Managing Partner, Head of Infrastructure and PPP Practice of Kachkin & Partners.