ZAO AVIELEN A.G. – a joint venture between the Austrian real estate developer Warimpex (55 per cent), CA Immo Group (35 per cent) and UBM (10 per cent) – today successfully concluded contract negotiations for the sale of two office towers at AIRPORTCITY St. Petersburg.

The buyer is a subsidiary of the private Russian pension fund BLAGOSOSTOYANIE managed by the TRINFICO Investment Group. The investment volume amounts to EUR 70 million. The deal had already been announced and a corresponding term sheet signed in February 2014. The closing of the transaction is expected within several weeks, after fulfilment of the standard closing requisites for such real estate transactions in Russia. The two buildings – Jupiter 1 and Jupiter 2 – offer roughly 16,800 square metres of space in total and have been let out to subsidiaries of a major Russian energy group for nearly two years.

"When we started the detailed planning for this project ten years ago, we knew that we could create something special at this outstanding location. The success of this endeavour is confirmed by the long-term rental agreements and, not least, by the conclusion of this purchase agreement today. Both of these achievements show that, even during difficult economic times, the necessary trust for good business has been established to allow for cooperation with local investors," says Georg Folian, a member of the Management Board of Warimpex, on behalf of the Austrian consortium.

AIRPORTCITY St. Petersburg

AIRPORTCITY St. Petersburg is being developed by the project company ZAO AVIELEN A.G. is located in close proximity to Pulkovo 2 international airport in St. Petersburg. It is the first premium-class business centre at this location and is a key infrastructure project in the area around the airport, one of the fastest-growing commercial zones in St. Petersburg.

In addition to a four-star Crowne Plaza hotel, the complex includes three modern office buildings with a total lettable space of roughly 31,000 square metres. The two towers from the first construction phase, Jupiter 1 and Jupiter 2, with approximately 16,800 square metres of space have already been opened and are fully let out. Shortly after the opening of the Crowne Plaza hotel and the Jupiter business centre, ZAO AVIELEN A.G. won two Commercial Real Estate Awards for the best multifunctional project and as the best developer in the region. The third tower, Zeppelin (roughly 14,800 square metres), from the second construction phase is in the process of being completed. In May 2014, a long-term rental agreement for the office tower was signed with a renowned international corporation. Additional office buildings are also being planned on this property.