A consortium led by Russian investment bank VTB Capital, which includes TPG Holdings and China Investment Corporation, international developer AIG/Lincoln, and Coalco Development, has completed the $700m (€516m) sale of White Gardens, a class A office centre in Moscow, to Millhouse.
Located just off Tverskaya Street, Moscow’s central corridor, White Gardens comprises two office buildings totaling 64,000 m2 of rentable area, and five underground levels of parking with 960 spaces.
White Gardens is next door to the White Square Office Centre, which was sold by the same development team in late 2012 for a record $1bn.
Millhouse is the investment company of Russian oligarch and Chelsea Football Club owner Roman Abramovich.
Designed as a “green” office complex, with a focus on energy efficiency, environmentally friendly materials, and a construction process geared toward minimising environmental impact, White Gardens is in the process of earning environmental certification from BREEAM.
Tim Demchenko, global head of private equity and special situations at VTB Capital, said: “This deal completes a series of successful transactions in the real estate sector executed by the private equity team at VTB Capital that has already carried out the acquisition and subsequent sale of the Lesnaya Plaza and White Square business centres.
“Investment in premium commercial real estate assets located in Moscow and, in particular, the White Gardens office centre, has helped to bring high returns for our bank. In the future, we will continue to consider participating in real estate projects in Russian and international markets.”
Jones Lang LaSalle advised on the deal.
