Hines and PPF Real Estate acquire Metropolis office buildings
The Hines Russia & Poland Fund ("HRPF"), an affiliate of Hines, the international real estate firm, and PPF Real Estate Holding B.V. announced today its joint acquisition of the Metropolis Office Buildings I and III in Moscow. As a result of this transaction, the partners now own over 56,000 leasable square meters of Class A office space with almost full occupancy by more than 40 prime commercial tenants.
Jiri Tosek, CEO PPF Real Estate Holding B.V stated, “We are excited to complete this landmark transaction in the commercial segment of real estate in Russia and to acquire a stake in Me-tropolis Office Buildings I and III, which we think is one of the best office complexes in Russia. Also, we view this transaction as a first step in establishing a long-term partnership between PPF Real Estate and Hines, and exploring other investment opportunities within Russian Real estate sector."
Simon Shen, Hines Senior Managing Director and Fund Manager, added, “We are excited about the opportunity to increase our Fund's exposure to this sector of the economy, especially with a leading partner like PPF Real Estate. Our firm remains significantly committed to to the Russian property market and anticipates continued investment through our various international Funds into Russia.”
The Metropolis Office and Shopping Complex, consisting of three office buildings and a shop-ping mall, was built in 2009 in the north part of Moscow on the main route from Sheremetevo airport to the city center. The Metropolis Shopping Center is one of the top shopping malls in Russia.
PPF Real Estate Holding B. V. is part of PPF Group. As a developer, investor and professional consultant PPF Real Estate Holding manages properties both in PPF Group’s real estate portfo-lio and on behalf of external clients. The Company operates in the Czech Republic, Russia, the Netherlands, Germany and other European countries. PPF Real Estate Holding currently pro-vides comprehensive services for more than 60 projects and the value of assets under man-agement is approaching EUR 1.5 billion.
Hines Russia & Poland Fund is a Luxembourg based investment fund sponsored by Hines. Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 bil-lion in transactions on behalf of its investment management clients. The firm has 104 develop-ments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Visit www.hines.com for more information.