Konstantin Boytsov talks about the practice of renting listed buildings in St Petersburg

Property legislation in the Russian Federation may be amended to allow protected and listed properties to be included in concession and PPP agreements. A precondition for the use of such properties will be the requirement to renovate the property and improve its condition for modern use.

Head of the Property and Construction department at Maxima Legal, Konstantin Boytsov, explained to business journal Sovremenniy Otel the current regime for investing in such properties.

“At present in St Petersburg buildings that are protected and listed and the land plots where they are located are rented by auction. The terms of the auction, in addition to the amount of rent payable, the tenant is also obligated to carry out the restoration and incur an agreed amount of costs. Extremely dilapidated facilities, as a rule, are acquired by investors on leases and are required to be renovated into modern catering facilities, souvenir shops or as venues for leisure activities”, Konstantin noted.

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