Capital Group sells $300m portfolio to UFG RE

Russian real estate developer Capital Group is selling two office properties and a shopping centre to UFG Real Estate and an unnamed business partner. Although the financial details were not disclosed, the deal is said to amount to over $300 mln (EUR 211 mln).

The disposals are in line with the company's strategy to re-invest in large-scale projects. These include the 18,000-m² Pushkinskiy Dom business centre, the 31,000-m² Concord scheme and a 9,500-m² Metromarket retail asset, all in Moscow. Both office properties are fully leased and Pushkinskiy Dom is entirely occupied by Gazprom Export.

Last year UFG Real Estate, part of the UFG Asset Management, also acquired a 5,100-m² building located on Bakhrushina Street in Moscow from Austria's Akron Group.