Hypo Real Estate Bank International has successfully completed its first Russian property financing. The deal involves the purchase of a nine-storey office building in central Moscow. The financing volume of the transaction is US$ 23 million.
The office building is let to internationally-known companies such as KPMG, General Motors and Delta Airlines. The customer and investor is the closed real estate fund Fleming Family & Partners Russian Real Estate Limited.
"International investors are becoming increasingly interested in top-class commercial real estate in Russia. Investor interest focuses mainly on the conurbations of Moscow and St. Petersburg. International investments are being channelled primarily into office and logistics properties which meet international standards", says JÃ¼rgen Fenk, Executive Director of Hypo Real Estate Bank International, âWith our first transaction in Russia, we intend to take advantage of the opportunities provided by this emerging market and to further diversify our international portfolio."
Source: Hypo Real Estate