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CA Immo completes exit from Airportcity

Alex Hayes 13 August 2019

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

CA Immo completes exit from Airportcity
The competition authorities cleared the sale of a 35 pct stake in Airportcity on August 12th
RUSSIA Warimpex has completed its purchase of a 35 pct stake in AO Avielen, the SPV which is responsible for the development and management of the Airportcity mixed-use complex in St Petersburg, bringing its total stake in the project up to 90 pct.

The shares were purchased from CA Immobilien, which has completely pulled out of the project in a deal that was originally announced in May. The Russian competition authority gave its approval for the transaction on August 12th. The remaining 10 pct stake in the project is held by UBM Development. The financial details have not been disclosed.

"Warimpex is pursuing a strategy of building up its property portfolio and strengthening its earnings potential. By acquiring additional shares in Avielen, we are confirming our commitment to Airportcity St Petersburg, an attractive location with tremendous potential for further developments," stated Franz Jurkowitsch, the CEO of Warimpex, in comment on the transaction.
Airportcity is being developed close to Pulkovo international airport in St Petersburg. Already the complex comprises a four-star Crowne Plaza hotel and three office buildings with a total leasable area of ttable space of around 31,000 sqm. The two fully occupied towers built in the first stage, Jupiter 1 and Jupiter 2, with a combined area of 16,800 sqm were sold in 2015. The third completed office building Zeppelin, which has 15,600 sqm uare metres is also fully occupied. A further 150,000 sqm could eventually be developed on the site.

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