Andrey Gorodissky & Partners supported the creation of a commercial real estate sub-fund by Sberbank and Rostelecom
AGP supported the creation of a sub-fund to invest in the redevelopment and management of Rostelecom PJSC’s real estate. The deal was organized by the Investment Department of Sberbank CIB, the corporate and investment banking business of Sberbank, via Sberbank Investments LLC (a 100% subsidiary of Sberbank). According to the transaction terms, Sberbank, via Sberbank Investments LLC, and Rostelecom have contributed RUB 2 billion each to the joint venture and thus become 50% shareholders. The joint venture purchases 16 commercial real estate properties from Rostelecom located in 9 Russian cities, including Saint Petersburg, and in the Moscow Region with a total area of over 100,000 sq.m. The properties have been selected based on their potential to appreciate in value following redevelopment.
The AGP team of lawyers who supported the transaction as counsel for Sberbank Investments LLC was headed by AGP partner Alexey Gorodissky.