Metro Baltic Horizons has acquired a 16,000 m[sup]2[/sup] office complex in St Petersburg for EUR 39 mln. The deal marks the property investment company's first transaction since its raised EUR 39 mln in an IPO on the AIM market of London Stock Exchange last December. The office complex comprises six buildings and is located adjacent to Bolshoi Prospekt, one of the city's main shopping and business streets.

Metro Baltic Horizons has acquired a 16,000 m2 office complex in St Petersburg for EUR 39 mln. The deal marks the property investment company's first transaction since its raised EUR 39 mln in an IPO on the AIM market of London Stock Exchange last December. The office complex comprises six buildings and is located adjacent to Bolshoi Prospekt, one of the city's main shopping and business streets.

Two of the six buildings are of 'relative architectural merit' and will be maintained and refurbished, while the others will be demolished to make way for new buildings. Metro Baltic estimated that the redeveloped complex will comprise 24,000 m2 of predominantly office space. When completed in the third quarter of 2010 and fully let, the complex is expected to generate a yield of 18%.

Metro Baltic's principal focus is on prime development opportunities in the office and residential sectors in the capital cities of the Baltic states and St Petersburg 'that can generate a minimum internal rate of return of 25%'.