A consortium between leading developer AIG/Lincoln, Russian investment bank VTB Capital and global private investment firm {{{*}}} TPG Holdings (sellers) and the investment company O1 Properties, one of the largest owners and managers of a portfolio of high quality office properties in Moscow (purchaser), announce the completion of an investment transaction involving White Square, a class A office centre in Moscow. It was the largest single asset office real estate investment transaction ever completed in the Russian market.
The seller consortium was advised by Jones Lang LaSalle and CBRE. The acquisition and its financing was arranged by O1 Properties with Sberbank CIB. Linklaters LLP and Clifford Chance acted as legal counsel for the seller consortium and O1 Properties, respectively. Herbert Smith acted as legal counsel for Sberbank CIB. The deal has been approved by the Federal Antimonopoly Service of the Russian Federation.
White Square Office Center consists of three office buildings comprising approximately 76,000 sq m of rentable area. Completed in 2009, the complex is the first of two phases co-developed by AIG/Lincoln and Coalco, a Russian development company. Coalco sold its holdings in the White Square project to a consortium of major international financial investors led and arranged by VTB Capital and TPG Holdings in May 2011.
White Square is widely recognized as Russia’s premier office development and occupies a commanding site in Moscow’s Central Business District with outstanding prominence at Belorusskaya Square and the Church of St. Nicolas. It has received critical acclaim, winning the Commercial Real Estate Moscow “Class A Office Center” award and earning developers AIG/Lincoln and Coalco the “Developers of the Year” accolade in 2010. The architects for White Square, ABD and APA Wojciechowski, also won the award, “Architects of the Year” for their work on White Square in 2010.
The prestigious complex has attracted significant occupier interest and is leased to major international tenants including PricewaterhouseCoopers, Deloitte, McKinsey & Co and Microsoft. White Square boasts eight restaurants and cafes on its ground floor, including Torro Grill, an Argentine steak house, and Coffeemania, a popular city café. The pedestrian pathways, central fountain and outdoor dining terraces have made White Square a landmark meeting place and entertainment destination.
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