The Hines Russia & Poland Fund (HPRF) and PPF Real Estate Holding B.V. have announced that they have jointly acquired the Metropolis Office Buildings I and III in Moscow.
With this new acquisition, the partners own more than 56,000 leasable square metres (603,000 sq ft) of Class A office space, which is almost fully occupied by a line-up of over 40 prime tenants.
Jiri Tosek, the CEO of PPF Real Estate Holding BV stated: “We are excited to complete this landmark transaction in the commercial segment of real estate in Russia and to acquire a stake in Metropolis Office Buildings I and III, which we think is one of the best office complexes in Russia.
“Also, we view this transaction as a first step in establishing a long-term partnership between PPF Real Estate and Hines, and exploring other investment opportunities within Russian Real estate sector.”
Simon Shen, Hines Senior Managing Director and Fund Manager, said, “We are excited about the opportunity to increase our Fund’s exposure to this sector of the economy, especially with a leading partner like PPF Real Estate.
“Our firm remains significantly committed to the Russian property market and anticipates continued investment through our various international Funds into Russia.”
The Metropolis Office and Shopping Complex is made up of three office buildings and a shopping mall. Built in 2009 in the north part of Moscow it is one of the most popular shopping malls in Russia.
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