Finnish real estate investor Sponda has purchased the Ducat II office property located in the centre of Moscow for $185 mln (EUR 118 mln) from LR Ducat Holding. In a statement, the company said it aims to achieve a net yield of more than 9 % on the asset. The office building lies in a central location close to Red Square and provides about 14,300 m[sup]2[/sup] of A-grade office space as well as 1,300 m[sup]2[/sup] of retail property and parking for 143 vehicles. It is fully-let to several international companies with long-term leases. Built in 1997, Ducat II is part of an office complex, which comprises of three modern office buildings.
Finnish real estate investor Sponda has purchased the Ducat II office property located in the centre of Moscow for $185 mln (EUR 118 mln) from LR Ducat Holding. In a statement, the company said it aims to achieve a net yield of more than 9 % on the asset. The office building lies in a central location close to Red Square and provides about 14,300 m2 of A-grade office space as well as 1,300 m2 of retail property and parking for 143 vehicles. It is fully-let to several international companies with long-term leases. Built in 1997, Ducat II is part of an office complex, which comprises of three modern office buildings.
Sponda said the purchase will be financed by unused credit facilities agreed in March 2008. The company plans to finance further growth in Russia by selling some of its Finnish real estate.
