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"Real estate investor Sponda Plc has purchased the Ducat II office property located in the centre of Moscow for USD 185 million from LR Ducat Holding AB.
Sponda has a net yield target of more than 9 % for the property.
Ducat II lies in a central location close to Tverskaya Street and Pushkin Square, approximately three kilometres from Red Square. The property is located at Gasheka Street 7, near the Mayakovskaya metro station. The fully leased property has about 14,300 square metres of A-grade office premises, 1,300 square metres of retail property and parking for 143 vehicles.
Several well-known international companies operate with long-term leases in the high-class office and retail premises in this property that was built in 1997.
Ducat II is part of an office complex, which comprises of three modern office buildings.
The purchase will be financed by unused credit facilities agreed in March 2008.
Sponda aims to finance the company's growth in Russia by selling some of its property in Finland.
Russia's strong economic growth is also reflected in the country's property market. There is a severe shortage of high quality, A-grade office premises especially in the Moscow region, and the increased demand for quality premises is shown in favourable trends in rents in the city centre". (CS della Società)
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