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OAO RAO “UES of Russia” Moscow headquarters sold for USD 175 million
24 Jul, 2008, Moscow
Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R), the Russian office of the world’s largest privately held global real estate services firm, are pleased to announce that the Headquarter building “Oil House” of Russian Energy giant OAO RAO “UES of Russia” was sold to OOO “Intercessia” for US$175 million.
“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 - a 15 minutes’ drive to the Moscow city centre. Among other amenities the building benefits from the spacious car parking facilities for 400 cars (1 parking space per 75 rentable sq m, est.) and a big land plot of 2.46 ha. The building was built in 1996 according to the highest technological specifications of the time.
The sale of the “Oil House” business centre was structured as a transfer of shares in OAO “Oil House”, a company established exclusively for this purpose. C&W/S&R arranged the sale as sub-agent for OAO “Urals Energy Management Company”, acting as exclusive agent for OAO RAO “UES of Russia”.
Sergey Riabokobylko FRICS, Partner, Senior Executive Director, C&W/S&R, commented: “This is one of several deals of this caliber that our firm has been working on in the past few months and proves that despite the current unfavorable global financial climate, the Russian real estate market keeps going from strength to strength with Russian companies showing increasingly more interest in acquiring prime office space.”