Tall & Urban News

Russian investment firm Metrika Investments has purchased the office part of Renaissance Development's flagship IFC NEVA TOWERS scheme, in what is considered the largest Russian commercial real estate deal of 2019.

Financial details were not disclosed for the transaction, which was agreed in December 2019.

The asset, which comprises 56,158 square meters of leasable office premises and 532 underground parking spaces, is located in the MIBC Moscow City district. The mixed-use development will be made up of residential, offices, retail and underground parking spread over two towers with a height of 345 and 297 meters respectively.

Stanislav Bibik, partner at Colliers International in Russia, advisors to Renaissance, commented “Neva Towers will be a flagship in the Metrika's investment portfolio and this is very rare deal in Russia, representing a significant stage in the evolution of both companies.”

“The Russian commercial real estate market is on the top of its investment appeal investors and developers have a unique opportunity to strengthen their investment portfolio and business development through strategic acquisitions,” he added.

Neva Towers has been developed by an international consortium of architects including SPEECH, HOK, Inc., and FXFowle to a LEED Gold standard. Confirmed occupiers include the headquarters of several Russian and international companies and government offices.

Colliers International in Russia represented Renaissance Development. Clifford Chance Moscow advised Metrika.

For more on this story, go to PropertyEU.