Business Parks to Open in City

Colliers International has signed a contract with the Israeli development company Europort to find three land plots in St. Petersburg to accommodate A-class business parks covering 12 to 25 hectares and preferably located to the north, east and south of the ring road. With its first Russian project, Europort, which was launched in 2006 to handle development projects in Eastern Europe, continues to penetrate new markets and move further east.

Business parks are usually located far from downtown premises due to their large size, and consequently offer lower rent rates and excellent engineering and social infrastructure, including sports and entertainment facilities, shopping areas, kindergartens, hotels and parking lots.

Although business parks are a relatively new area of real estate and underrepresented in St. Petersburg, competition in the sector is increasing, with numerous developers including GK Development, Region Development, Setl City holding and Utkina Zavod Development keen to enter the market in around 2010, Val Zherdes, strategy and investment consulting director at Praktis consultancy firm told RBC Daily.

Russian Billionaire Spends Record $748 Million on French Riveria Home

A mystery Russian billionaire has outspent the richest of the rich, breaking a world record in splashing out $748 million on one of the most gorgeous villas on the French Riviera. The final sale price of the Villa Leopold, a Belle Époque mansion on the heights of Villefrance, has amazed real estate agents. On the otherhand, locals worry about the invasion of Russian money on the Côte d'Azur, and wonder if it is getting out of hand.

Russian oligarchs have been funnelling in money, and snapping up seaside properites at Cap Ferrat, Cap d'Antibes, Saint-Tropez and other playgrounds along the Riveria since the early 1990's. But none have come even close to what the unnamed Russian billionaire just paid for the Villa Leopold.

Is it Art – or Nice Real Estate?

In 2006 Museum Director Lyudmila Shaposhnikova received the Order of Friendship from then President Vladimir Putin for the museum's preservation of cultural heritage. In 2007 she was awarded a national prize for the renovation of the estate.

"The Federal Property Management Agency has given absolutely no explanations for the eviction," said Stesenko. But the museum's location in the center of one of the world's most expensive cities leaves museum officials with no doubt that the site's real estate is exactly what is in demand.

An open letter to President Med­vedev and Prime Minister Putin signed by prominent figures in cultural and civic institutions from all over Russia was published June 5 in Novaya Ga­zeta. The letter asks the two leaders "to stop the attempt on unlawful eviction."

Japan's Aruji to set up fund to invest in Russian real estate

Japanese financial group Aruji will set up a fund worth 200 billion Japanese yen (over $1.85 billion) for investments in Russian real estate, the president of Aruji Gate Securities Inc. said on Tuesday.

"The registration of a fund for investment in Russian real estate, Aruji Real Estate Investment Fund, for operation over a five-year period (with an option to continue the term of its operation to 15 years) is at the concluding stage. The fund's shares/units will be offered to Japanese investors as early as July-August," Takuji Asaga said.

Takuji said the fund will be the first financial product in Japan aimed at raising capital for investment in the Russian property market.