March 1, 2012 / 3:31 PM / 6 years ago

O1 owner to buy exclusive Moscow property -sources

MOSCOW, March 1 (Reuters) - Boris Mints, owner of Russian real estate developer O1 Properties, has agreed to buy one of the most prestigious business centres in Moscow from real estate company Hines for around $360 million, two sources said.

O1 is planning an IPO in the coming months, sources previously told Reuters, targeting around $500 million to invest in Moscow’s booming commercial property market.

The property being bought, Ducat Place III, is home to a number of international banks and law firms. The deal was signed about a week ago although is not yet closed, said the sources, one of which was close to the negotiations and the other a market source.

O1 Properties, set up by former directors at Moscow brokerage Otkritie, owns multi-purpose sites used for offices, restaurants and other leisure activities around the Russian capital. (Reporting By Olga Sichkar; writing by Megan Davies; Editing by Will Waterman)

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