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Kopernik Hands Moscow Properties to Alfa Bank

MOSCOW-Alfa plans to sell the properties by public tender, according to a new market report issued by research group GVA Sawyer.

By Allan Saunderson | Updated on November 13, 2009

Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

MOSCOW-The Russian property developer Kopernik Group has signed over the 37,800-square-meter Severnoe Sianie business center and the Na Krasnoy Presne office complex in Moscow to the privately-held Alfa-Bank as credit redemption. Alfa plans to sell the properties by public tender, according to a new market report issued by research group GVA Sawyer.

Kopernik is the latest Russian builder forced to part with assets after struggling to meet debt payments. Capital Group also reportedly failed to repay a $400 million credit facility to Russia’s Sberbank, and is reported to have offered its 288,680 square meters Moscow-City business centre project as security. The development consists of over 101,000 square meters of apartments and 72,000 square meters of office premises.

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