Warimpex Finanz- und Beteiligungs AG has sold 25% of its shares in the project company Avielen OAO, which is developing the Airportcity project together with St. Petersburg Airport, to the CA Immo International project development fund CA Immo New Europe. At the end of September Warimpex was granted building permission for the first phase of development, which massively augmented the project's value.
This decisive step also made the project attractive to investors, whose value-added process commences with the start of construction work on a project. The buy-in by CA Immo New Europe continues CA Immo International's strategy of targeted development of its portfolio in high-return markets like Russia. St. Petersburg Airport continues to hold an unchanged 15% stake in the project company.
With the CA Immo New Europe Warimpex has brought on board a strong Austrian coinvestor which can bring the project's enormous potential to the specific attention of major institutional investors.
Multifunctional complex to be built in two phases
The Airportcity St. Petersburg is projected as a business park, which when finally completed will comprise a four-star hotel and several office buildings. The site covers a total area of 62,300 m². Plans for the first phase foresee the construction of a four-star 300-room hotel of the Crowne Plaza brand plus three office buildings with about 40,000 m² of net lettable floor space, involving an investment volume of approx. €120 million. The development of further office buildings with 50,000 to 60,000 m² of net lettable floor space is projected in a second phase. The total investment volume amounts to some €390 million.