A joint venture between Austrian developer Warimpex, listed firm CA Immo and UBS has finalised the sale of the Airportcity office towers in St Petersburg for around €70 mln.
A joint venture between Austrian developer Warimpex, listed firm CA Immo and UBS has finalised the sale of the Airportcity office towers in St Petersburg for around €70 mln.
A subsidiary of private pension fund Blagosostoyanie, managed by the Trinfico investment firm, has acquired the complex which consists of the Jupiter 1 and 2 high-rise buildings providing a total of 16,800 m2 of office space.
The deal was first agreed in November last year.
Warimpex held a 55% stake in the project, which represents the first construction phase of a larger development which will provide a total of 31,000 m2 on completion later this year. CA Immo owned a 35% stake in the project while UBS held the remaining 10% interest.
Located close to the Pulkovo 2 international airport, the Airportcity business centre includes a four-star Crowne Plaza hotel, the two office towers sold to Blagosostoyanie and a further high-rise building which is currently under development.
Jupiter 1 and 2 are fully let to a major energy group. The third tower has already been pre-let to an international corporation.