Private Russian pension fund Blagosostoyanie has completed the purchase of two office towers at Airportcity St Petersburg for €70 mln.
Private Russian pension fund Blagosostoyanie has completed the purchase of two office towers at Airportcity St Petersburg for €70 mln.
The two buildings, Jupiter 1 and Jupiter 2, were bought from Zao Avielen, a joint venture between Austrian developers Warimpex (55%), CA Immo Group (35%) and UBM (10%), and comprise 16,800 m2 of space.
The deal was announced in February but the price and the identity of the buyer were not disclosed at the time.
The buyer is a subsidiary of Blagosostoyanie and is managed by the Trinfico Investment Group. Blagosostoyanie is one of Russia’s largest private pension funds, with equity valued at RUB 240 bn (€4 bn).
Warimpex board member Georg Folian, on behalf of the selling consortium, said: ‘The success of this endeavour is confirmed by the long-term rental agreements and, not least, by the conclusion of this purchase agreement today.’
In August 2013 Zao Avielen agreed a €60 mln refinancing deal with a local bank for the Airportcity scheme, which is close to Pulkovo 2 international airport.
The consortium has fully let a third tower at Airportcity, Zeppelin, which is still under development and will comprise 16,000 m2 of space over 13 floors on completion in the first quarter of 2015.