VTB SEVERO-ZAPAD BANK SIGNS AN AGREEMENT FOR PURCHASE OF A CLASS ‘A’ OFFICE BUILDING IN THE MULTIPUR
VTB Severo-Zapad Bank has signed an agreement to purchase a class 'À' office building measuring 6,000 sq. m in the multipurpose complex 'Tolstoy Square.' The seller is the St Petersburg Investment Company.
The transaction was completed with the participation of agents and consultants from the IB Group and Maris | Part of the CBRE Affiliate Network.
As a result of the agreement, VTB Severo-Zapad Bank will become a co-investor in an independent part of the complex - a 13-story office tower, as well as part of the underground parking. After the object is built, ownership of these areas will be transferred to VTB Severo-Zapad Bank.
The General Director of the St Petersburg Investment Company, Nikolay Kodinzev, commented on the transaction as follows:
The St Petersburg Investment Company is a new participant among developers of the Northern Capital. It was important for us that our first project would be unique, interesting and visible. The multipurpose Tolstoy Square complex has all these advantages. With the help of our partners, the IB Group, we have managed to attract the attention of both the general public and major companies. Our handling of the transaction with VTB Severo - Zapad Bank is a very good example. Having started with such a project, we hope to please the citizens of St Petersburg with more high profile and special complexes in the future.'
Chairman of the Board of VTB Severo-Zapad Bank, Dmitri Olyunin remarked:
'Buying a new 13-story building in the centre of St Petersburg satisfies our ambitious long- term plans for business development. In Tolstoy Square we are planning to bring together units of VTB Severo-Zapad Bank's head office which are spread out over several rented sites now. Buying office premises in the multifunctional Tolstoy Square will allow the bank leave leased properties, particularly of a building in Kovensky Lane and also will improve the efficiency of cooperation among our units. The building we are buying was designated for offices originally and our participation at the final stage of building let's us configure it and arrange the functionality of office units taking into account the specific needs of the banking business'.
General Director of IB Retail ( part of the IB Group), Dmitri Berdigan:
'One of the aims of the multifunctional Tolstoy Square project as explained by the developer, the St Petersburg Investment Company to the consultants and brokers of the IB Group was to interest investors who are ready to buy in and acquire a separate unit of a building.
This transaction is the biggest in the history of our company from the point of view of purchase and sale of office space. This is one of the few transactions in the Northern Capital to be arranged by agents-consultants representing the interests of both participants of the process and this unique structure facilitated the reconciliation procedure at all stages. Our company represented the interests of the Offerer, while Maris | Part of the CBRE Affiliate Network represented the Purchaser.
'Our client in this transaction, VTB Severo-Zapad Bank, is a highly skilled and exacting consumer of real estate whose demands runt ahead of today's level of development of the commercial real estate market in St Petersburg in many ways. The bank rejected options on rental of office space and in the current stage of the market many owners are ready to sell highly rated properties. Nevertheless, we offered to consider a very few highly rated properties for purchase and the choice went to the property meeting best the requirements of the bank in terms of price and quality. We managed not only to offer the purchaser the right building but in the course of the talks we made an offer which meets the requirements of VTB Severo-Zapad. An invaluable help was provided by colleagues of the IB Group who coordinated the introduction of modifications into the initial project of this multifunctional complex,Tolstoy Square. As a result of these co-operative efforts, we succeeded and the building meets not only baseline but also the specific requirements of VTB Severo-Zapad. Moreover, it is worth noting that the Bank bought not only highly efficient real estate property but also obtained a good financial asset whose market value will increase in years to come.'.
Maris | Part of the CBRE Affiliate Network:' The uniqueness of this project lies in the fact that a company belonging to the State enlisted the services of international property consultants. This fact again confirms that professional services are very much in demand in the real estate market - even the most conservative organisations acknowledge that the participation of consultants facilitates transactions, that brokers do not raise the price of transaction, but instead will give it an added value. For our company this is the 3rd major transaction involving the sale of commercial real estate in the current year,and this lets us lay claim to leadership in this market segment.'
Background information:
The Tolstoy Square Multifunctional Complex
In terms of functional use, the Tolstoy Square project consists of several parts: a retailing area, where the Decor Center will be situated; theatre, office department and tower. From the point of view of functionality, it is the most attractive office area for corporate clients.
Tolstoy Square is located at Lva Tolstogo Street, 9. The total surface area is 23 600 sq.m. Designer - Architectual bureau Studio 17 LLC under the stewardship of Gaikovich S.V. Project Developer - LBK LLC. The conception, upmarket brokerage and management is by the IB Group.
The office segment of Tolstoy Square is situated on floors 4-9 of the building. The total area is around 7 500 sq.m (without considering the tower part). More than 50% of the area was built at an average rate of 750 c. u. / sq. / annum, including VAT, not including public facilities (1 c.u. = 27 rubles). Building of Multipurpose complex - multilevel: 9-13 stories, tower part. The 13 stories have a total area 6 100 sq.m.
The tower part of the building is in the recess of a land plot, nearer Nizami Square and represents a practically separate real estate property with separate utilities and independent engineering communications. The exception is the public parking in a substructure of the multifunctional complex.
VTB Severo-Zapad Bank
VTB Severo-Zapad JSC is a partner of the VTB Group. The bank specialises in serving corporate clients in the North-Western Federal District and the Kirovsky Oblast. Formerly (till June 2007) it was known as Industrial-Construction Bank (PromStroyBank). The members of the Supervisory Committee of VTB Severo-Zapad Bank JSC are seven top managers of VTB Bank. The Chairman of the Supervisory Committee of VTB Severo-Zapad Bank JSC is the Chairman of the Board of VTB Bank JSC, Andrei Leonidovich Kostin.
Contact:
pr@vtb-sz.ru, tel. 329-84-91
IB Group
IB Group is the leading company in the commercial real estate market of St Petersburg. Our clients get full services "From idea to implementation": conceptual design and business planning; project management; project funding; attracting tenants; realty management; increasing profitability of the properties, preparation of property for sale; cost cutting; property rights registration; independent valuation.
We work in all segments of commercial real estate: retail and office realty. With a number of properties, we operate as the Project Manager (work with the general contractor, finance, construction control etc.).
On the credit side of the company, there are 6 open malls including the Sennaya Shopping Centre, which won the Commercial Real Estate Awards as the best shopping mall. The IB Group is developing 15 retailing sites in St Petersburg and in the regions of Russia. The company is also operating 2 shopping malls (a discount center "Rumba", the shopping centre "GALLERY 1814"), 6 office buildings, and operating as the Project Manager of 4 other objects.
As a management company, the IB Group is conducting a lot of contracts in office real estate and retail.
At the present time, the IB Group is working on new commercial realty projects in St Petersburg and the regions. Among them there are: the multifunctional complex Tolstoy Square (23,000 sq.m); the NIK mall in Marshala Zhukova Boulevard (15 000 sq.m); the shopping and entertainment centre MAGISTRAL in the city of Chelyabinsk (60 000 sq.m); a shopping and entertainment centre in the city of Aktoba, Kazakhstan (65 000 sq.m).
Asset management is the function of the management company "Piter" and "IB Management", which are the part of IB Group holding company.
The company has done a number of projects involving conversion of property into office centres and now is operating them as a management company.
IB Group's professional activity in shopping centre management has won it a certificate for completion of the Sennaya Shopping Centre complex, which won a prize in the category 'The shopping centre of St Petersburg" at the "Commercial Real Estate Awards 2005".
In 2005, the IB Group won the 11th Interregional public competition in real estate "KAISSA" in the category "The best management company in the shopping and entertainment centres segment of St. Petersburg".
In 2006, the IB Group won the 12th Interregional public competition in real estate "KAISSA" in the category of "The best management company in commercial real estate of St. Petersburg and Leningrad region".
The IB Group in an active member of the Russian Guild of Managers and Developers (GMD).
For more information:
Tel./Fax: (812) 380-30-93, 812-335-93-97
Inna Shitova i.shitova@ibgroup.ru
Maris | Part of the CBRE Affiliate Network
Maris | Part of the CBRE Affiliate Network is one of the leading and fastest growing real estates companies in St Petersburg. Maris Properties was founded in 2004 and in 2006 the company announced its affiliation agreement with the international real estate market leader CBRE. With over 24,000 employees, CBRE serves real estate owners, investors and tenants through more than 300 offices worldwide.
We offer a full range of commercial real estate services for the St. Petersburg market.
- The general scope of our work includes:
- Brokerage services for office, retail and industrial space;
- Consulting and valuation;
- Corporate Services;
- Investment Services;
- Property management.
Our staff have a vast amount of experience in the Commercial real estate market (more than 15 years) which, combined with our strategic partnerships with world level real estate service leaders, means we can offer our clients both unique knowledge of the special qualities of the Russian market and the resources of Western Europe and America.
Maris | Part of the CBRE Affiliate Network focuses first and foremost on the interests of its clients. We offer each client affordable and effective solutions to each individual real estate requirement. Our clients entrust us with their business because they know that our success has come as a direct result of our attentive attitude toward their business.
The goal of Maris | Part of the CBRE Affiliate Network is to understand the requirements of the client and to evaluate the prospects for their business development in a changing market. Regardless of the fact that the Russian economy is in a state of dynamic change, to succeed in business it is necessary to have perspective and to overcome the challenges that arise from new opportunities while always ensuring maximum benefit to each client.
Our client list already includes such companies as: Siemens, Sun Microsystems, American Express, Franke, Vimpelkom (BeeLine GSM), Teks, Avaya, Bristol-Myers Squibb, Finansbank, JTI and others.
For more information:
Tel. /Fax: (812)346-59-00, 812 346-59-01
Elena Bondarenko e.bondarenko@maris-spb.ru