Pan-European bank Raiffeisenbank has acquired a 16-storey office in Moscow from Russian developer Etalon Group, in what broker JLL is describing as the first build-to-suit office deal in Russia and the largest office sale in the territory this year.
Financial details were not disclosed.
The 34,000 m2 property will be located in the Nagatino I-Land technology park in Moscow, with completion set for 2022. It will house technology specialists from Raiffeisenbank, according to the firm, which has been a resident of the business park since 2014, after taking around 25,000 m2 in the project's first phase.
The bank will more than double its presence in the district once its technology team moves into the new building, Raiffeisenbank said.
'This new office is needed to comfortably accommodate the bank’s IT department and agile software development teams. The second building in the territory of Nagatino I-Land business park will allow us to expand the space without geographically dividing the team,' said Evgeniy Markovsky, director of Raiffeisenbank's real estate department.
'The Nagatino I-Land project is supporting Moscow's strategy, which is focused on the development of new districts located outside the third transport ring,' said Maxim Berlovichn, Etalon's head of Moscow. 'The creation of new workspaces helps to decrease circular migration and traffic in the city centre.'
'Classical built-to-suit deals in the Russian office market have not been concluded to date,' said Alexey Efimov, head of offices at JLL Russia & CIS, advisors to the vendor. 'We are delighted to have advised Etalon Group on this first deal of its type in Russia, which will become the foundation for a new trend in the market.'
Nagatino I-Land is regarded as one of Moscow's growing business districts, according to JLL, located on the site of the former Likhachov plant, and enjoying significant transport links. The district currently comprises seven office complexes with a total area of nearly 200,000 m2, rented and owned by large financial institutions. Residential and further commercial real estate, as well as social and transport infrastructure, is also under construction.
