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Thursday, January 18, 2018

Verbant Investments to spend $20 million to revamp Vitebsk tool plant

Verbant Investment of Cyprus is planning to inject approximately $20 million in Belarus to transform a former machine tool plant in Vitebsk into a trade and entertainment center.

The project envisages a mega food store and a large household equipment store, an entertainment zone and a playground, and a food court and restaurant, BelTA reports.

Retail space will also be available for rent by local businesses now located at the nearby Polotsk farm market, which is closing.

Reconstruction will begin later this year and it is expected to take two years to complete the project, according to BelTA.

The investment group bought the premises in 2008, but implementation of the project has been delayed because of technical and legal issues.