Jones Lang LaSalle has advised London & Regional Properties on the investment sale of two shopping centers in Moscow to Sponda Plc. Real estate company Sponda Plc has purchased the shopping centers Sun Paradise I and Sun Paradise II in Moscow for a total of about USD 109 million from LR Russia AB.
Sun Paradise I, built in 2004, was purchased for about USD 66 million. The shopping center, which provides food, domestic appliance and cosmetics services, is located in Solntsevo, in Moscow, close to outer ring road at Borovskoe shosse 6. The shopping center has 9,000 m² of leasable retail premises and parking for 242 cars.
The price for the Sun Paradise II shopping center, which focuses on consumer goods and food services, was about USD 43 million. Completed in 2005, the shopping center is located in the center of Ramenskoe in the Moscow region, at Vokzalnaya St 4. The shopping center contains 6,500 m² of leasable retail premises and parking facilities for 120 cars.
Both shopping centers are fully leased.
James Corrigan, National Director, Head of Retail Capital Markets, Jones Lang LaSalle, commented, "We are delighted to have advised London & Regional Properties on the first institutional retail investment transaction to successfully close in Russia this year. The significance of this transaction is more than being the first transaction of the year - it is the first transaction where a foreign investor, London & Regional, acquired a retail property and is now selling to another foreign investor, Sponda plc. This is evidence that the investment market is maturing."
David Geovanis, Managing Director of London & Regional Properties in Russia, stated, "We were extremely pleased with the work Jones Lang LaSalle did for us on this transaction."
Source: Jones Lang LaSalle