| LONDON, March 19
LONDON, March 19 Russian property company O1
Properties has bought Moscow's White Square office complex, home
to a local arm of Microsoft, for about $1 billion in
the country's largest ever office deal, a source close to the
The deal, financed by Russia's Sberbank, will help
O1 revisit plans for a stock market listing in London, a move
that was shelved last year due to the weak state of the new
issues market, the source said.
The White Square site comprises three buildings in Moscow's
business district and was sold by a consortium of Russia's VTB
Capital, U.S. private equity company TPG Holdings and developer
AIG/Lincoln, according to a statement on Tuesday.
It did not disclose the sale price but the transaction was
described by property consultant Jones Lang LaSalle
(JLL), which advised AIG/Lincoln and VTB on the deal, as "one of
the five largest single-asset deals across the globe in 2012".
Tenants of the complex, which was completed in 2009 and has
76,000 square metres of space, include accountants PwC and
Deloitte as well as U.S. software group Microsoft.
"This property will take its justified place among other
trophy assets in our portfolio and raise its gross asset value
to almost $4 billion," said Dmitry Mints, chairman of O1
Moscow has a shortage of top-end office space, which has
helped push rents up from $700 per square metre per year in the
second quarter of 2009 to $1,150 today, JLL said.