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Sponda Wins L&R's Nod for $185M Moscow Buy

MOSCOW-London & Regional Properties, planning to stay as a tenant, passes the deed in a three-month spin after showing the 147,767-sf Ducat Place II to few select buyers.

By Connie Gore | Updated on July 08, 2008

MOSCOW-In a quiet marketing to select buyers, London & Regional Properties Ltd. has turned over the 147,767-sf [13,728 sm2] Ducat Place II to Sponda plc. The $185-million sale in Downtown Moscow has gone full circle in three months.

Developed in 1997 by Moscow-based BrookeMil Ltd., the fully leased, class A office building at 7 Gasheka St. is a favorite nesting ground for international law firms. “The seller is staying on as a tenant so they were very selective in how they chose the buyer,” Olga Sirodoeva, partner in Orrick, Herrington & Sutcliffe LLP, tells GlobeSt.com. She led the seller’s transactions team, which included corporate associates Maria Kosova and Mikhail Usubyan.

It is customary in Russia to structure sales as stock transactions, as was the case with pass to Finland-based Sponda, according to a press release from Orrick about the transaction. Sirodoeva has worked on transactions for Ducat Place II since its development, including its acquisition by L&R in December 2006.

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