Thursday, June 21, 2012 -
A U.S. capital funding firm said on Thursday it signed an agreement to finance a commercial development project in Kazakhstan.
According to the terms of the deal, Centurion Global will facilitate $300 million in funding for a project in Astana, capital city of Kazakhstan.
The company brought together a group of investment companies and private capital firms to raise the funding.
The project is expected to be completed in three years. Preliminary construction is already in progress.
"We've received a letter from the government of Kazakhstan to commit to purchase all units that we build," John Joseph, the founder and CEO of the Centurion Global Group told Central Asia Newswire on Thursday.
"The commercial spaces will be used for small business owners to rent" and will be home to restaurants, clothing stores, and apartments to buy and lease.
The deal began coming together in January 2012 during a visit to the Kazakh capital by a delegation of the Atlanta-based firm.
The Kazakhs “have a mind for business,” Joseph noted at the time.
He said the company will set up an office in Astana within the next 12 months to work on the project and explore other business opportunities.
“We want to be close to the project as well as look at other opportunities in that region, so opening an office there seems like a no brainer,” Joseph said in a statement on the company’s web site.
The firm described the Koktalstroy Project as one of a growing trend of developments referred to as “live and play” communities.