Russian real estate development company LSR Group has begun construction on a new tram network in Krasnogvardeysky, St. Petersburg.
The corresponding concession agreement was inked between the government of Saint Petersburg and Transportnaya Kontsessionnaya Kompaniya, a joint venture of LSR Group and Leader Investment Company.
The overall project, including the upgrading of existing lines and the construction of a new tram network and its operation over the period of 30 years, is expected to cost RUB32.7bn ($488.6M).
In particular, the construction and maintenance of the tram network will require an investment of RUB12.7bn ($189.7M).
Construction work is expected to be complete in the fourth quarter of 2018.
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