MOSCOW-Finnish real estate investor Sponda has purchased two fully leased Russian shopping centers, with a total of 167,000 sf, for $109 million. The complex deal was a stock transaction with simultaneous closings in Sweden, Cyprus and Moscow.
The seller of the two “Sun Paradise” shopping centers was London & Regional Properties, one of the largest private property companies in Europe, based in London. They were represented by the Washington, DC-based law firm Orrick, Herrington & Sutcliffe.
“This was an investment sale between two large Western European private equity funds, which is an indication of the growing sophistication of the Russian real estate market,” Olga Sirodoeva, the Orrick lawyer who led the transaction, tells GlobeSt.com. “The Russian market is extremely active right now.”
