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Industrial investment deal in Moscow

Декабрь 22nd, 2011 · Нет комментариев

Moscow, 22 December 2011 – Jones Lang LaSalle announces completion of an investment sale of '8th of March Street' mixed-use property located in Moscow by its previous owners Aton Real Estate and Espro Development to VTBC-Ashmore Real Estate Partners L.L.P.

Jones Lang LaSalle Capital Markets exclusively advised the sellers of the property. Burchills acted as a legal counsel for the sellers, and Clifford Chance acted in the same capacity for the purchaser.

Gross buildable area of the property is circa 21,000 sq. m. It includes warehouse and office space of approximately 9,700 sq. m 8,200 sq. m of rentable area respectively and over 400 parking places of surface and underground parking on site.

The tenants of the property are largest Russian and international tenants, including DHL, which occupies over 50% of the gross leasable area, Ozon internet store, OSG Records Management and Linx Telecom.

Peter Roshchin, Head of Real Estate, Aton Real Estate, told: “Notwithstanding the rumors of the upcoming second wave of crisis and potential economic decline this transaction demonstrates the undiminishing interest to the Russian real estate from both international and Russian investors.”

Apart from the income producing facilities at the property there is an opportunity for a development of a new 9-storey office building with a total area of 6 323 sq. m., providing a return upside for the purchaser.

Victor Makshantsev, Global Head of Infrastructure and Real Estate Investment Funds of VTB Capital Investment Management and member of the Investment Committee of VTBC-Ashmore Real Estate Partners L.L.P., said: “The fund has secured an attractive investment in line with its strategy of picking up assets with strong value fundamentals, protecting against negative market fluctuations and offering significant upside potential. The advantageous location and class of the property are definitely key factors for express delivery and logistics businesses, which comprise the main tenants of '8th of March Street' complex.

Even though the conditions of the Private Equity markets were not simple, we have been able to raise capital from the largest Scandinavian and European investors (the second stage of raising capital for the fund was fully completed by the beginning of 2011). Now we have moved to the stage of active investment of the fund capital, and besides the deal on the property on 8th of March Street, we have identified and progressed Due Diligence for five more deals in Moscow and St.Petersburg.”

Irina Ushakova, Associate Director, Capital Markets, Jones Lang LaSalle Russia & CIS commented that “'8th of March Street' Complex is a rare project for the city, as it provides in-town logistic space for the demanding international occupiers. The main seller is the institutional investor, which helps reduce risks for the purchaser and facilitates due diligence. This deal is a first VTBC-Ashmore Real Estate Partners’ transaction in Russia.”

Thomas Devonshire-Griffin, Head of Capital Markets, Jones Lang LaSalle, Russia and CIS, mentioned: “We believe this transaction represents a fair deal for both parties, showing profit for the vendor as well as core returns for the purchaser as well as opportunistic upside. With both acting in a professional institutional manner, a complicated transaction was made far easier, evidences that logistics space is an interesting type of investment in real estate – carrying both low risk and decent returns for its owners”.

About Aton Real Estate (Seller)
Aton Real Estate invests in development of warehouse, office and retail real estate. At present, its real estate portfolio includes, amongst others:
• Six class A logistics projects across Russia, with a combined area of nearly 300,000 sq. m
• Class A office center in Nizhny Novgorod (17,500 sq. m)
• Large land plots on the Moscow Ring Road and in the Moscow Region planned for mixed-use development (retail, residential, logistics, office and hotel uses).

About Espro Development/Part of Espro Group (Developer, Property Manager & Seller)
Espro is a major Russian commercial property developer which has over fourteen years of experience in the commercial real estate market. The group has successfully completed office and warehouse properties in Moscow and St. Petersburg, projects in Mineral`nye Vody, Novosibirsk, Saratov and Kaluga.
Other than '8th of March Street' Complex the Group’s projects include: ‘Kulon-Pulkovo’ warehouse and office project, ‘Yuzhniy’ industrial park, ‘Istra’ logistics park, ‘Baltia’ warehouse complex and ‘Kulon Yugros’ office & warehouse complex in Mineralnye Vody.
Its on-going projects include: ‘A-Park’ industrial facility, ‘Western Siberian Terminal’ office & warehouse complex, ‘Volskiy Trakt’ office & warehouse complex.

About VTBC-Ashmore Real Estate Partners L.L.P.
VTBC-Ashmore Real Estate Partners L.L.P. is a UK registered private equity fund established in 2009 by VTB Capital and a group of large European pension funds and investment companies. Ashmore joined the management platform of the Fund in late 2010 and further extended the equity base of the Fund. The fund’s strategy is to invest into real estate in Moscow and St.Petersburg, as well as in other large Russian cities. Currently the fund is at a stage of active investment.

About VTB Capital Investment Management
VTB Capital Investment Management is one of the key divisions of VTB Capital, VTB Group’s investment arm. VTB Capital’s Investment Management business also includes VTB Capital Asset Management, which has been operating under the VTB Group brand since 2006 and is among the best known and most reliable in Russia.

About VTB Capital
VTB Capital, the Investment Business of VTB Group, is one of the three strategic business arms of VTB Group, along with the corporate and retail businesses. Since its foundation in 2008, VTB Capital has taken part in more than 184 ECM and DCM deals, which were instrumental in attracting more than USD 88bn worth of investments in Russia.

About Ashmore Group plc
Ashmore is one of the world's leading investment managers dedicated to Emerging Markets. The business was founded in 1992 as part of the Australia and New Zealand Banking Group. In 1999, Ashmore became independent and today manages US$58.9 billion (30 September 2011) in pooled funds, segregated accounts and structured products. Ashmore focuses on a number of Emerging Markets investment themes including external debt, local currency, corporate debt, blended debt, equity, alternatives (special situations, infrastructure, real estate), overlay / liquidity, and multi-strategy products. Ashmore Group plc is listed on the London Stock Exchange and is a member of the FTSE 100 Index. The company is majority-owned by its employees. Ashmore is headquartered in London, England and has offices in Australia, Brazil, China, Colombia, India, Japan, Russia, Singapore, Turkey, and the United States.

Source: Jones Lang LaSalle

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