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Military real estate auctions to start in Moscow

MOSCOW, May 27 (RIA Novosti) - Russia's Defense Ministry will start on Tuesday the first of a series of auctions to sell off military properties in Moscow to raise money to house servicemen.

The first auction will start at 11.00 a.m. Moscow time (7.00 a.m. GMT) in the culture center of Russia's Armed Forces. Two military facilities will be up for sale.

The first lot is on Levoberezhnaya street in northwest Moscow with a total area of 28,400 square meters. The starting price is 1.149 billion rubles ($50 million).

The second lot is a military base located on the exclusive Rublevskoye highway in western Moscow, with a starting price of  2.6 million rubles ($113 million). The lot consists of buildings, facilities and three plots of land.

The auction was initially scheduled for April 8, but was postponed due to a lack of bidders.

The ministry first announced plans to auction off over 20 military facilities across Russia in March.

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