ADIC goes into the Olympic ski resort business.

Byline: [e-mail] (Staff Writer)

Abu Dhabi Investment Company (ADIC) said it has entered into an agreement to acquire a stake in the mountain resort of Gornaya Karusel, located in the Krasnaya Polyana district 30 minutes' drive from Sochi's international airport. There was no word on in a press release how much ADIC was paying for the stake, how much leverage (if any) was used, the size of the stake or what it might value the entity at.

Gornaya Karusel, said a press release, which will be home to the Russian National Ski-jumping Centre from 2012 onwards, will offer over 200 kilometres of world-class ski slopes, and 28 cable lift stations. The resort will host the Olympic ski jump competition and the Olympic Alpine Media Village.

Gornaya Karusel will have 229,000 square metres of luxury Alpine chalets and 100,711 square metres of hotel-apartments and luxurious residences, restaurants, retail outlets, sports and health centres and a spa following the closing of the Winter Olympic Games. Upon completion, the resort will accommodate over 50,000 skiers per day and offer around 20,000 beds.

Abu Dhabi Investment Company and Sberbank are joined by the government of the Krasnodar region, the government of the city of Sochi and other prominent partners in the project, with the financing support of Vnesheconombank.

2009 CPI Financial. All rights reserved.

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