Private Equity and Special Situations, VTB Capital, has announced the acquisition of ‘Capital Plaza’ business centre. The 14-floor building in the heart of Moscow (4th Lesnoy Pereulok – Belorusskaya metro station) has a total floor space of ca. 50,000 square metres.
The building’s good location and demand for high-class office space in the surrounding area is attractive to many tenants.
Valentina Stanovova, First Vice President at Capital Group, said: “Implementing a development project as a business process envisions creation and development of quality real estate, to be put into maximum effect as soon as project development has been finished. This approach allows us to acquire and develop new sites. Our agreement with VTB Capital makes it possible for Capital Group to actively proceed with new development project plans. Today the Capital Group project portfolio in various stages of completion amounts to over 1.5mn square meters.”
Tim Demchenko, Global Head of Private Equity and Special Situations at VTB Capital, said: “Real estate is one of the priority sectors in our investment strategy. Today the business centre is rented to top Russian and international companies. Considering the attractive and mutually beneficial terms of the acquisition, we see a lot of potential upside in this transaction working in co-operation with the tenants.”
James Corrigan, Head of Real Estate at VTB Capital, said: "After a much anticipated return of institutional investment to the Moscow commercial real estate market, announced acquisition of Capital Plaza serves to underline the fundamental attractiveness of the market."
Head of Press