December 24, 2013. О1 Properties Investment Company, one of the major owners of prime office real estate in Moscow, acquires from Capital Group the office part of Legenda Tsvetnogo Multifunctional Complex located at the corner of Tsvetnoi and Rozhdestvensky boulevards in Moscow.
O1 Properties acquires over 40 000 sq. m. of office space of the complex including parking for 401 cars.
Jones Lang LaSalle is a consultant of the transaction, Capital Group is the developer of the Multifunctional Complex.
Gazprombank and Gazprombank (Switzerland) Ltd. organized syndicated funding of the transaction.
As of today about 70% of the business center is already leased out. Among the major tenants are Phillip Morris, Master Card Europe, Group M, Morgan Lewis.
Dmitry Mints, Chairman of the Management Board of O1 Properties: “We continue to actively implement our strategy of portoflio tdevelopment. Legenda Business Center is a very high-quality asset and it will take a good place among the company’s projects. We are sure that Legenda will be popular among the tenants due to its favorable location in the very center of Moscow, proximity to the metro station, modern architecture, and the brand-awareness. This transaction crowns our busy year.”
Valentina Stanovova, Capital Group First Vice-President: “This transaction once again confirms that the real-estate market in Moscow stays in an active condition and has a high investment potential. As for us, the selling of Legenda Business Center is a quite predictable event finalizing the full cycle of the project development. Moreover this project is a unique experience of selling a real estate unit forming part of a multifunctional complex. I am sure that this transaction will become significant for professional developers and investors.”
Thomas Devonshire-Griffin, Regional Director, Head of Capital Markets, Jones Lang LaSalle, Russia & CIS: «We are very happy that have helped to close another remarkable deal in the Russian real estate market. The sale of Legenda Business Centre becomes the second largest office investment transaction in 2013. Whilst there has been a discussion of an economic slowdown, we can see a continued strong appetite for the real estate sector and continued investors’ interest in Moscow offices – investment volume in this sector accounts to 40-45% of the total market.”
Legenda Business Center will become 12th yielding business center in the O1 Properties portfolio, the net rentable area will increase up to 486,000.00 sq.m., the portfolio value will reach USD 4.25 billion.
For the past year O1 Properties investment company acquired White Square Business Center, a land plot near Park Pobedy Metro Station intended for construction of an A- class business center, settled a transaction on buying Nakhimovsky-58 (iCube) Business Center, sold Olympia Park Business Center.
Information about Legenda Tsvetnogo Multifunctional Complex
Legenda A+ Business Center is situated in Legenda Tsvetnogo Multifunctional Complex at the corner of Tsvetnoi and Rozhdestvensky boulevards in Moscow. The architectural concept of the complex was developed by world-known NBBJ bureau and is based on the ideas of American constructivists.
Legenda Tsvetnogo Multifunctional Complex has office and residential parts, it consists of three towers united by a single “base” where the business center is situated. The total area of the complex makes up 112,500.00 sq.m. including a 3-level parking place for 594 cars.
The business center occupies 1-7 floors of the towers and is notable for convenient design and first-class engineering equipment. There are separate entrances to the residential and non-residential areas in the building. Separate entries to underground parking places of residential and non-residential areas, as well as exits thereof, are provided as well.View PDF