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Etalon swallows Moscow developer

Rafał Ostrowski 19 February 2019

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

Etalon swallows Moscow developer
Central Park is a project by Lider-Invest, which was designed by UK-based architectural studio AHR
RUSSIA Etalon Group has signed a binding agreement to purchase a 51 pct stake in Leader-Invest from Sistema for RUB 15.2 bln (app. EUR 200 mln).
Leader-Invest, which is one of Moscow's largest residential developers, has a portfolio of 31 projects under construction or at the design stage as well as commercial real estate with a total net salable area of 1.3 mln sqm. Colliers International valued Leader-Invest's portfolio at over RUB 66.6 bln in October.

“This transaction will significantly strengthen Etalon Group’s position in Moscow, which is Russia’s most attractive residential real estate market, and will in turn put us in a leading position in terms of the number of projects we have available for sale in the city, as well as in the top position by sales and construction volumes,” said Etalon Group CEO Gennadiy Shcherbina.

The acquisition has already been approved by the Federal Antimonopoly Service of the Russian Federation as well as Etalon’s board of directors and is to be financed through a loan from Sberbank. Etalon intends to have completed the integration of Leader-Invest by the end of the third quarter 2019. PwC was responsible for the financial and tax due diligence, while Allen & Overy acted as the legal advisor, and J. P. Morgan Securities was the financial advisor.

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