VTB Capital's private equity and special situations team has acquired the Capital Plaza business centre in Moscow. The 14-floor building has a total floor space of approximately 50,000 m[sup]2[/sup].
VTB Capital's private equity and special situations team has acquired the Capital Plaza business centre in Moscow. The 14-floor building has a total floor space of approximately 50,000 m2.
Valentina Stanovova, first vice president at Capital Group, said: 'Implementing a development project as a business process envisions the creation and development of quality real estate, to be put into maximum effect as soon as project development has been finished. This approach allows us to acquire and develop new sites. Our agreement with VTB Capital makes it possible for Capital Group to actively proceed with new development project plans. Today the Capital Group project portfolio in various stages of completion amounts to over 1.5 million square metres.'
Tim Demchenko, global head of private equity and special situations at VTB Capital, adds: 'Real estate is one of the priority sectors in our investment strategy. At the moment, the Capital Plaza business centre is rented to top Russian and international companies. Considering the attractive and mutually beneficial terms of the acquisition, we see a lot of potential upside in this transaction by working in cooperation with the tenants.'
