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Ducat Becomes British in Moscow
London & Regional Property (L&RP) of Britain has purchased Ducat Place 2 business center in downtown Moscow, having clinched the first big investment deal on the office estate market of Russia’s capital. The building of roughly 20,000 sq meters in floor might have cost $80 million to L&RP.
The previous owner of Ducat Place 2 (19,500 sq meters in area, including the leased area of 14,500 sq meters) was the U.S. Hines. Moscow office of Hines declined to comment on the sale yesterday. But the deal was confirmed by DMT Management Ltd, which acted as the vendor’s consultant in it, and David Geovanis, L&RP managing director for Russia’s investments. For L&RP, it was the first deal on the Moscow market, Geovanis said.
The deal amount could be around $80 million, estimated Heiko Davids, director for capital markets in Russia and CIS at Knight Frank.
L&RP approached the market of Russia in March by buying out from LenSpecSmu developer a hotel in the Vasiliyevsky Island, St. Petersburg, which construction hadn’t been completed at the date of the purchase. The amount of that deal was ˆ50 million with the construction cost taken into account, the analysts estimated.
The company have cut deals for nine projects in Russia worth $300 million on aggregate, Geovanis specified, adding the highlights were office, trade and hotel buildings.
www.kommersant.com
All the Article in Russian as of July 20, 2006
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