EXPO 2013: Russian oligarch and Chelsea Football Club owner Roman Abramovich is to pay around $700m (€516m) for White Gardens, one of Moscow’s biggest prime office developments.
The vendor is a joint venture between developer AIG/Lincoln and Russian bank VTB Capital.
White Gardens, a scheme comprising two buildings in Moscow’s business district, is the second stage of the White Square complex recently bought by private Russian company O1 Properties for about $1bn.
The asset provides 64,000 m2 of space of which one third is already leased, and is due to be completed next year. The tenants include law firm Baker & McKenzie and private equity firm Baring Vostok.
The White Gardens complex provides 105,000 m2 of space in two buildings.
In February, Abramovich paid $370m for Four Winds Plaza, a new prime office and residential complex on Moscow’s Tverskaya Street.
The price for Four Winds Plaza, which includes 112 apartments and business tenants Moody’s and Morgan Stanley, reflects a keen yield of below 8.5%, according to local sources.
