CMS has advised Coalco Development, a leading Russian developer, on the sale of Tsar Square (Tsarskaya Ploshad), Presnya City and Basmanny 5, three projects for construction of business class residential complexes in Moscow, to VTB.
As a result, VTB Real Estate, the real estate development arm of VTB Group, owns 90% of the projects, and the previous owners have kept the remaining 10%.
The CMS’ team was led by Vladimir Zenin, Head of M&A at CMS Moscow office, supported by corporate counsel Gregor Kennedy. Vladimir commented: “We have been delighted to represent Coalco Development on what is clearly a very high-profile and one of the most visible transactions in the Russian market this year. Completed at a turbulent time for the Russian economy, the deal shows the strength of the projects and underscores the high level of expertise of the parties to it and their commitment to the Russian real estate sector.”
Jean-Francoise Marquaire, the Managing Partner of, and Head of Real Estate and Projects at, CMS Russia, added: “We are pleased to witness another example of CMS’ capability to execute big-ticket M&A deals involving sophisticated counterparties, complicated transaction documentation and a very ambitious timetable. This deal also emphasises our focus on advising Russian clients on their strategic cross-border transactions.”