Magomedovs’ Summa selling development project in Moscow

Magomedovs’ Summa selling development project in Moscow
Magomed Magomedov and Ziyavudin Magomedov

St. Petersburg-based Seven Suns Development is the buyer.

Summa Group is selling its only development project in Moscow, 259.000-meter Beskudnikovo complex in production zone 49 on Ilimskaya Street. St. Petersburg-based Seven Suns Development is the buyer, Vedomosti reported citing two sources close to either side of the deal.

The sources said that the agreements had been reached last year, and the transaction is either closed now or will be very soon.

Summa refused to comment on the information, while Seven Suns Development spokesperson only said that the company was considering several Moscow projects it might start working on.

The publication also notes that according to the documentation of the city planning committee of Moscow, the Beskudnikovo project belongs to JSC Everest, 49% of which belongs to GlobalElectroservis, which is part of Summa Group. According to SPARK, Evgeny Kashintsev, a minority shareholder (0.01%) in Seven Suns Development, became Everest general director on July 19.

The newspaper added that according to sources, Summa plans to sell Nakhodka Open Port for almost 1.5 billion rubles ($24.000.000) to one of Dmitry Bosov’s companies.

Summa Group founders, Magomed Magomedov and Ziyavudin Magomedov, are prosecuted on charges of creating a criminal community, fraud, and embezzlement. They allegedly stole 2.5 billion rubles ($40.000.000).

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