Demján Group, the majority shareholder in Budapest-based CEE developer Trigranit, has started construction of a multifunctional cultural centre in St. Petersburg. The development, costing more than EUR 200 mln, will be financed by Trigranit.

The complex of more than 80,000 m2 includes a 1,600-seat state-of-the-art concert hall, an exhibition centre, a 2,500-seat conference and event centre.

In a statement, Trigranit said that the Palace of Arts, St. Petersburg will accommodate internationally recognized events such as film festivals, music competitions, scientific, political, and economic conferences, and summits. It will be the new venue for the prestigious, annual St. Petersburg Economic Forum.

The city-issued public private partnership-tender for the development of the state-of-the-art cultural center was won by Demján Group with its Russian partner, Invest-Stroy.

The designer of the cultural complex is Zoboki-Demeter & Associates Architects, which has already won the architectural Oscar for the Budapest Palace of Arts.

Following receipt of the necessary permits the scheme will be built within 24 months.
Trigranit is a fully integrated real estate investment, development and management company. The company has a large portfolio of completed assets, and a EUR 4 bn pipeline of mixed-use developments, as well as a number of public private partnership (PPP) investments in seven CEE countries.