Sponda to sell two office buildings in St Petersburg
The property investment company Sponda Plc is selling the Business Center NRC and Inform Future office buildings, located in St Petersburg, to Russian asset management companies called NRC-Management and IF-Management for a total of EUR 9.9 million. Sponda will record a minor sales profit from the transaction with regard to the market value of the first quarter of 2013.
The total leasable area of the NRC office building, located in the centre of St Petersburg at Kaluzhskij Pereulok 3, is roughly 3,000 square metres. This fully occupied office building was originally completed in the late 19th century and renovated in the mid-1990s.
The Inform Future office building is also located in the centre of St Petersburg, within approximately 10 minutes’ drive from the Moskovsky railway station. The building, located at ul. Tambovskaya 12, was completed in 1909 and renovated for office use in 1992–1997. Its leasable area is 2,694 square metres, nearly all of which has been leased out.
– The buildings have yielded a steady profit and Sponda has owned them since 2007. In the current stable market conditions, such small properties are not considered to have potential for increase in value, says Kari Inkinen, Sponda’s President and CEO, providing grounds for the property transaction.
Sponda Plc is a property investment company that specialises in commercial properties in the largest cities in Finland and Russia. Sponda’s business concept is to own, lease and develop office, retail and logistics properties in environments that promote the business success of its clients. The fair value of Sponda’s investment properties is approximately EUR 3.3 billion and the leasable area is around 1.5 million square metres.
Source : Company