Austrian property company Akron Group has entered into a €3bn venture with Russian developer Gazprombank-Invest to build office, retail and logistics assets in Moscow and St Petersburg.
The first project will be a 16,000 m2 business centre on the inner Garden Ring in the Russian capital. Two more St Petersburg office schemes, which will total almost 48,000m2, are also in the pipeline.
Akron has a €1.2bn portfolio and is active in its home market as well as Germany, the Netherlands, Hungary, Poland, Ukraine, and Croatia.
Gazprombank-Invest has projects in Russia totalling 2mm2, including some in the St Petersburg region.
