Herbert Smith Freehills has advised client LLC "Highway Construction Company" (LLC ASK) – the SPV owned by leading Russian construction company JSC "DSK Avtoban", on a concession project for the construction and operation of the Moscow Central Ring Road. The total cost of the project exceeds USD 2 billion.
Herbert Smith Freehills has advised client LLC "Highway Construction Company" (LLC ASK) – the SPV owned by leading Russian construction company JSC "DSK Avtoban", on a concession project for the construction and operation of the Moscow Central Ring Road. The total cost of the project exceeds USD 2 billion.
On 16 September 2016, the State Company "Russian Highways" and LLC ASK have reached reached commercial closing
The investment project for the construction and toll operation of the Moscow Central Ring Road consists of five start-up complexes, to be implemented on a Public-Private Partnership (PPP) basis. Start-up complex No. 3 has been distinguished as a separate investment project, which provides for the construction of a section of the Moscow Central Ring Road in the north-east of the Moscow Region. The section's construction length is 105.3 km, with an estimated traffic speed of 140 km/hr.
Herbert Smith Freehills advised LLC ASK in two capacities: firstly, as a bidder during almost two years of tender procedure; secondly, as a winning participant of the tender – assisting in concession agreement negotiations and commercial closing.
Herbert Smith Freehills' infrastructure partner Olga Revzina led the team for LLC ASK and was strongly supported by senior associate Grigory Smirnov, associates Yana Ivanova and Elvira Vanieva and trainee Polina Podoplelova
Olga Revzina commented: "At a federal level, this is the one and only commercial closing in the transport sector for 2016 and a milestone for the 'reviving' infrastructure market, since Russia's recent economic downturn. Our team gained valuable and full scope experience, advising concessionaire from the project's first road show and initial structuring up to its commercial closing in a challenging financial and political situation. This mandate and work which has been done confirmed the leading position of HSF team in Russian infrastructure market. We look forward to working further on the project's financial closing phase, which is ambitiously scheduled for January 2017".
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