Contract on long-term lease of Lustica signed
16.09.2009
The contract on the long-term lease of Lustica peninsula was signed on Friday, September 11, in Vila Gorica in Podgorica. The contract was signed by Igor Luksic, Vice President of the Montenegrin Government and Minister of Finance, and Kari Haataja, Director of Equest Capital and founder of North Star.
Lustica will be leased for 90 years to the Equest capital and North Star consortium which will manage the area for the next 20 years and invest at least EUR 210 million, as stated in the contract.
The compensation for the lease is 88 cents per sqm, and the first ten years have to be paid up front. Luksic added that the lease for 18 months will be paid after the signing of the contract, and the remainder after the contract becomes valid. The contract provides for a lease of around 20 per cent of Lustica peninsula.
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