The seller of the two "Sun Paradise" shopping centers was London & Regional Properties, one of the largest private property companies in Europe, based in London. They were represented by the Washington, DC-based law firm Orrick, Herrington & Sutcliffe.

"This was an investment sale between two large Western European private equity funds, which is an indication of the growing sophistication of the Russian real estate market," Olga Sirodoeva, the Orrick lawyer who led the transaction, tells GlobeSt.com. "The Russian market is extremely active right now."

Sirodoeva explains that the closing took place in three jurisdictions "because of the peculiarity of deals in Russia. It is customary to sell non-Russian holding companies rather than real estate assets themselves," she says. Sirodoeva's practice focuses on cross-border acquisitions and finance. A substantial part of her practice involves advising multinationals on investing in Russia and Russian companies involved in transactions in the US.