Successful signing for the sale of two office towers in AIRPORTCITY St. Petersburg (RU)

ZAO AVIELEN A.G., a joint venture between the Austrian real estate developer Warimpex (55%), CA Immo Group (35%) and UBM (10 %) today successfully concluded contract negotiations for the sale of two office towers at AIRPORTCITY St. Petersburg.
The buyer is a subsidiary of the private Russian pension fund BLAGOSOSTOYANIE managed by the TRINFICO Investment Group. The investment volume amounts to €70 million.
The deal had already been announced and a corresponding term sheet signed in February 2014. The closing of the transaction is expected within several weeks, after fulfilment of the standard closing requisites for such real estate transactions in Russia. The two buildings, Jupiter 1 and Jupiter 2, offer roughly 16,800 m² of space in total and have been let out to subsidiaries of a major Russian energy group for nearly two years.
"When we started the detailed planning for this project ten years ago, we knew that we could create something special at this outstanding location. The success of this endeavour is confirmed by the long-term rental agreements and, not least, by the conclusion of this purchase agreement today. Both of these achievements show that, even during difficult economic times, the necessary trust for good business has been established to allow for cooperation with local investors," says Georg Folian, a member of the Management Board of Warimpex, on behalf of the Austrian consortium.
Source: Warimpex