Russian state-owned lender Sberbank is expected to take control of real estate developer Don-Stroy's Nordstar Tower business centre as part of a major debt restructuring agreement, business daily Vedomosti reported this week, citing sources close to the process.
Russian state-owned lender Sberbank is expected to take control of real estate developer Don-Stroy's Nordstar Tower business centre as part of a major debt restructuring agreement, business daily Vedomosti reported this week, citing sources close to the process.
Under the terms of the deal, the Russian builder will transfer ownership of the business centre as repayment of around 11 billion rubles (EUR 258 mln) worth of debt. In total, the company owes 20 billion rubles of debt to the bank, and hopes to restructure the remaining 9 billion rubles for a longer term.
Nordstar Tower is an A-class business centre located near the Begovaya metro station in northeastern Moscow. The 42-storey scheme offers around 147,000 m2 of space and is leased to a number of tenants including energy company TNK-BP. The scheme is controlled by Don Stroy's commercial real estate subsidiary DS Development.
Last week, DS Development completed one of the largest deals in the Russian office market in 2009 with the leasing of over 7,000 m2 of office space in Nordstar to Deutsche Bank for a seven-year period.
