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This case was written as part of the TACIS programme (EUROCIS Management Development Programme 92-0468) funded by the European Commission and run by The European Foundation for Management Development (EFMD). Two senior managers of Logovaz Real Estate Ltd have to evaluate the prospects for the redevelopment of an existing property in a select suburb of Moscow. The Centrum Project involves a complex, inter-related set of actions involving the purchase of accommodation for residents, demolition, renovation and reconstruction of existing property, and the building of new offices and apartments. The case contains all project costings and timings and examines the issues confronting management as they prepare a work schedule for the project. Alternative financing arrangements are considered and a project strategy must be developed. The case will be of value to students of Accounting, Financial Control, Financial Management, Economics and Business Management.