Vienna-based Warimpex has sold 25% of the shares in Avielen, the company developing the Airportcity project in conjunction with St. Petersburg Airport, to CA Immo International. The multi-use project will comprise a four-star 300-room Crowne Plaza hotel as well as three office buildings with about 40,000 m[sup]2[/sup] of lettable space. The investment volume in the first phase of the project is about EUR 120 mln. An additional 50,000-60,000 m[sup]2[/sup] of office space is planned in the second phase and will bring the total investment volume to EUR 390 mln. St. Petersburg Airport holds a 15% stake in the project company.
Vienna-based Warimpex has sold 25% of the shares in Avielen, the company developing the Airportcity project in conjunction with St. Petersburg Airport, to CA Immo International. The multi-use project will comprise a four-star 300-room Crowne Plaza hotel as well as three office buildings with about 40,000 m2 of lettable space. The investment volume in the first phase of the project is about EUR 120 mln. An additional 50,000-60,000 m2 of office space is planned in the second phase and will bring the total investment volume to EUR 390 mln. St. Petersburg Airport holds a 15% stake in the project company.
Listed in Vienna and Warsaw, Warimpex is a hybrid development and investment group focused on the hotel sector in Central and Eastern Europe. The company currently has 14 luxury and business hotels with over 2,900 rooms as well as seven commercial and office properties with approximately 36,000 m2 of floor space.
CA Immo International is part of Vienna-based CA Immo and is involved in investing in Eastern and Southeastern Europe and the CIS. Listed on the Vienna Stock Exchange the company has a market capitalisation of over EUR 551 mln with 25 properties under development in nine different CEE countries. 'Russia's real estate markets - especially Moscow and St. Petersburg - are the focus of our portfolio strategy. Here we see the dynamic development that promises sustainable, attractive returns for our predominantly institutional investors. This investment in the Airportcity and the cooperation with Warimpex secures for us and our investors long-term access to these returns while simultaneously promising a high potential for value growth and perspectives for further tapping of these exciting markets,' said Bruno Ettenauer, CEO of CA Immo International.
Separately, Austrian press agency APA cited Ettenauer as saying CA Immo planned to launch the German equivalent of a real estate investment trust (REIT) on the Frankfurt Stock Exchange in the second quarter of 2008.
