photo by Freepik
Ivan Pochinshchikov, Managing Partner of IPG Russia Group of Companies:
I would like to note that this is the largest investment transaction in the St. Petersburg market by the end of 2023. Our client, a DIY segment company, has acquired one of the highest quality Class A business centers in St. Petersburg.
The company acquired a package of assets, which includes a business center with a total area of 33,312 square meters, consisting of two symmetrical buildings connected by galleries, and an object of unfinished construction with an area of more than 40,000 square meters. All objects stand on a single stylobate.
The complex has a large two-level dining room with an outdoor terrace, 3 conference rooms and a gym. Completely new ready-made office space with furniture and equipment.
Note: We value the reputation and trust of our customers, so we intentionally do not disclose the participants and details of the transaction.
Help:
The assets were previously owned by the large software developer JetBrains. In 2018, the IT company bought an apartment hotel on the shore of the Gulf of Finland and reconstructed it for office use for its own needs. It was also planned to build additional office space on the site for further expansion of the company. At the time of the sale, the previous owner had already built an underground parking lot and 2 levels of the building.
After the sanctions were imposed in 2022, JetBrains decided to sell the entire facility with the involvement of two co-exclusive commercial real estate brokers. The business center entered the market with the highest possible value, significantly exceeding the market value.
Decision
In the IPG deal.The Estate represented the interests of the buyer.
The difficulty, on the one hand, was that JetBrains is a foreign company and its exit from Russia was possible only through approval by a Government commission and a discount of 50% of the estimated value. On the other hand, our client is located in the Russian jurisdiction and can only operate in Russian currency, and the seller is in euros.
In addition, we worked with a unique object of the highest quality – let me remind you that the previous owner built the object for his own needs, therefore, the IT company invested heavily in finishing and filling in order to create the most comfortable working conditions for its employees. Interest in the facility was high, and we had to work in tough competitive conditions. The negotiations lasted about a year, and the final cost was revised several times.
The successful completion of the transaction became possible, firstly, due to the built-up trusting relationship with the client. We have been cooperating for a long time in various areas of commercial real estate. When the current office and the project purchased for its development ceased to meet the needs of the client in terms of the volume of space — the company is growing and expanding rapidly, it was decided to look for a new, higher-quality facility with finished finishes in the Primorsky district. We offered to consider buying this business center, which was suitable in all respects. Since the area of the facility is larger than the customer needs for their own purposes, they decided to lease some of the space.
Secondly, the partnership work with brokers on the part of the owner, our support and constant customer support made it possible to complete this transaction.
Result
Our client has acquired a unique facility with high investment potential. The company has partially placed its office in completely new equipped premises with designer renovation. The remaining vacant space is used for investment purposes to generate additional income.
Источник: ipg-estate.ru
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