Russian energy company Sibir has acquired two properties in Moscow for a total of $115.4 mln (EUR 89.2 mln) from companies connected to Chalva Tchigirinski, the group's largest shareholder. The company has agreed to acquire the Sovetskaya Hotel in Moscow for $81.7 mln, of which $57.7 mln has already been paid.
Russian energy company Sibir has acquired two properties in Moscow for a total of $115.4 mln (EUR 89.2 mln) from companies connected to Chalva Tchigirinski, the group's largest shareholder. The company has agreed to acquire the Sovetskaya Hotel in Moscow for $81.7 mln, of which $57.7 mln has already been paid.
The firm is also buying a development property in the northern district of Moscow for $75 mln, of which $57.7 mln of equity was already provided.
Sibir's Chief Executive, Henry Cameron, pointed out that although the real estate acquisitions mark a departure from the group's mainstream business, it also represents an opportunity for the company. 'In short Sibir sees significant opportunity to extend its business by acquiring high-quality real estate properties at attractive prices in what is one of the most dynamic real-estate markets in the world,' he said.
