Finnish listed property company Sponda is selling two office buildings in the Russian city of St Petersburg.
Finnish listed property company Sponda is selling two office buildings in the Russian city of St Petersburg.
The Business Center NRC and Inform Future office buildings are being sold to special purpose asset management companies RC-Management and IF-Management for a total of €9.9 mln.
Sponda said it will record a minor sales profit from the transaction with regard to the market value in the first quarter of 2013.
The total leasable area of the NRC office building, located in the centre of St Petersburg at Kaluzhskij Pereulok 3, is roughly 3,000 m2. This fully occupied office building was originally completed in the late 19th century and renovated in the mid-1990s.
The Inform Future office building is also located in the centre of St Petersburg, within approximately 10 minutes’ drive from the Moskovsky railway station. The building, located at ul. Tambovskaya 12, was completed in 1909 and renovated for office use in 1992-1997. Its leasable area is 2,694 m2, nearly all of which has been leased out.
The buildings have yielded a steady profit since Sponda acquired them in 2007. But Sponda president and CEO Kari Inkinen added: 'In the current stable market conditions, such small properties are not considered to have potential for increase in value.'
