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UPDATE 1-O1 owner to buy exclusive Moscow property -sources
March 1, 2012 / 4:36 PM / 6 years ago

UPDATE 1-O1 owner to buy exclusive Moscow property -sources

(Adds details, analyst comment)

By Olga Sichkar

MOSCOW, March 1 (Reuters) - A vehicle of Boris Mints, owner of Russian real estate investor O1Properties, 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.

O1Properties is planning an initial public offering of its shares in the coming months, sources have previously told Reuters, aiming to raise 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 but is not yet closed, said the sources, one of which was close to the negotiations and the other a market source.

O1Properties, 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.

Both companies declined to comment.

“Ducat III is a top-5 business center in Moscow. It cannot be ruled out that it will be resold to O1Properties, taking into account that it plans an IPO and needs to increase its portfolio,” said Yulia Gordeeva, an analyst at Troika Dialog. (Reporting By Olga Sichkar; Writing by Megan Davies and Maria Kiselyova; Editing by Will Waterman)

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