BBI Development has entered into a letter of intent for a foreign residential development project
BBI Development has entered into a letter of intent with a foreign real estate developer (investor) to negotiate the formation of a consortium for the purpose of obtaining financing and financial guarantees from external institutions for the construction of the infrastructure necessary for a residential investment project to be carried out abroad, involving the construction of residential estates, BBI said.
The purpose of the negotiations to be conducted on the basis of the letter of intent is to conclude a preliminary investment agreement, or an investment agreement, the subject of which will be the establishment by the issuer and the investor of a consortium, for the purpose of obtaining external financing, obtaining financial guarantees, and ultimately the implementation of the infrastructure investment, with the issuer not assuming that the investment will be financed from its own funds, according to the company announcement.
The letter of intent will bind the parties for 12 months.
Source: BBI Development and ISBnews