Russia
Back in August 2006 CA Immo International signed an agreement concerning a development project in Moscow. It relates to the Maslov Tower project, a new office building with a usable area of 38,600 sqm. The investment volume totals € 130 m. CA Immo International has a 50% stake in the joint venture with a local partner. The conditions precedent envisaged by the purchase agreement have been fulfilled and building permission has been granted, so that the closing and the transfer of ownership of the property company will take place before the end of March 2007. Construction work is scheduled to start in mid-2007.
Portfolio strategy in the CIS
Having entered the Russian market, CA Immo International intends to step up its commitment in the CIS countries and thus benefit from the comparatively high yields being generated in these states. Alongside the capital cities, Moscow and Kiev, it will be focusing on St. Petersburg and Dnepropetrovsk. As regards the types of use, it will be seeking to achieve a balanced portfolio mix in this region as well in the medium term.