Investment company O1 Properties, one of the largest owners and managers of a portfolio of high-quality office properties in Moscow, today announced the completion of the purchase of Silver City, a class-A multi-purpose business center, from Evans Randall for US $333 million (approx. 271 million).
Silver City is almost 100% leased, and tenants comprise multinational corporations and leading Russian companies.
The deal has been approved by the Federal Antimonopoly Service of the Russian Federation. Evans Randall was advised by CBRE and Jamison Property Capital.
Built by Delin Development and put into operation at the end of 2007, Silver City has a total net leasable area of 41,661 m², and is located 1.5 km from the Kremlin at 29 Serebryanicheskaya Embankment in Moscow's central administrative district.
Silver City is almost 100% leased, and tenants comprise multinational corporations and leading Russian companies, such as SUEK, Marsh Insurance Brokers, FESCO, Toyota Bank, AECOM, Industrial and Commercial Bank of China, Lacoste, Qatar Airways, Etihad Airways and Canon and others. Companies are provided with all necessary infrastructure to undertake the widest range of business activities within the complex.
In addition, the business center hosts the coffee shops Prime Star and Starbucks, a corporate canteen and a grill bar. It also features a restaurant with a "River Side" summer terrace, where tenants can have lunch, hold business meetings or organize corporate events. A tourist agency, beauty salon, minimarket, chemist, drycleaners, car wash, florist, payment terminals and an ATM are also located in the complex's territory.
Dmitry Mints, Chairman of O1 Properties, commented: "We are pleased to announce the purchase of one of the highest quality assets on the Moscow commercial real estate market, which offers consistently strong profitability and has the potential to increase in value. Silver City provides the best quality infrastructure and facilities to meet the requirements of the most demanding clients."
Paul Kendrick, Chief Financial Officer of Evans Randall, added: "The sale of Silver City completes our first project in Moscow and represents an excellent outcome for our investors. Working alongside both the local team and our international advisers, we have seen continued strong performance for the asset despite the uncertain market environment and are delighted now to confirm the sale, which is in line with our strategy."
Source: O1 Properties