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OAO RAO ‘UES of Russia’ sets reserve of US$165mn for sale of HQ building
6 Sep, 2007, Moscow
Russian Energy giant OAO RAO ‘UES of Russia’ has announced the sale of its headquarter building, ‘Oil House’ business centre. The sale will take place as a tender for offers in excess of US$165mn.
OAO ‘Urals Energy Management Company’, acting on behalf of OAO RAO ‘UES of Russia’, has appointed Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R), the Russian operations of global real estate services firm Cushman & Wakefield, to act as exclusive agent on the deal.
The ‘Oil House’ business centre is a 23-storey Class-B office building with a total area of 47,547 sq m located at 101, Prospekt Vernadskogo, bldg. 3, which is 15 minutes’ drive from Moscow city centre. Among other amenities, the building benefits from spacious car-parking facilities for 400 cars
(one parking space for around each 75 rentable sq m) and a land plot of 2.46 hectares. The building was built in 1996 according to the highest technological specifications of the time.
The sale of the ‘Oil House’ business centre will be carried out as a transfer of shares in OAO ‘Oil House’, a company established exclusively for this purpose. OAO RAO ‘UES of Russia’ currently owns 98.6 per cent of shares with plans to be the owner of 100 per cent in the near future. The sale is expected to take place between the Q4 2007 and the Q1 2008. Applications will be accepted until 14 September 2007.
Sergey Riabokobylko, Partner, Senior Executive Director, C&W/S&R, commented: “The sale of the OAO RAO ‘UES of Russia’ headquarters is a rare opportunity to purchase a business centre of this size in a prime location. To the investors and property developers this building is set to increase significantly in value in the next few years due to its size, location and the potential to increase the amount of rentable area through redevelopment. We are certain this would also be an attractive investment for many blue-chip companies that are in urgent need of a new HQ and have relocation plans that cannot wait for the construction of a new office building.”