Helsinki-listed property company Sponda has purchased the Bakhrushina House office building in downtown Moscow for $47 mln (EUR 37 mln) from UFG Real Estate. The investment volume reflects a net initial yield of over 9.5%.
Helsinki-listed property company Sponda has purchased the Bakhrushina House office building in downtown Moscow for $47 mln (EUR 37 mln) from UFG Real Estate. The investment volume reflects a net initial yield of over 9.5%.
Bakhrushina House is located at Bakhrushina Street 32, at the intersection of Garden Ring and Bakhrushina Street.
The building was completed in 2002 and has a total 4,000 m2 of office and retail space, which is fully let.
Sponda's long-term goal is to have 10-20% of its balance sheet invested in Russia, in properties located in Moscow and St Petersburg. Sponda has operated in the Russian market since 2006 and owns 10 properties in the country following this transaction.
The fair value of Sponda’s investment properties is approximately EUR 3.2 bn and the leasable area is around 1.5 million m2.
