Moscow, April 27, 2017. Colliers International served as an exclusive advisor to Northern Horizon Capital on the landmark portfolio transaction for the Russian real estate market. Saint Petersburg portfolio of NHC comprised of 3 quality assets and include business center Primium with GBA 17,368 sq m, business center Kellerman with GBA 27,041 sq m and warehouse complex Gorigo with GBA of 87,310 sq m.
Capital Markets team led by Stanislav Bibik advised Northern Horizon Capital on disposing the portfolio to Raven Russia, which is one of the leading warehouse developers and owners on the Russian real estate market. Final agreed price of the transaction amounted to 4, 9 billion rubles.
The portfolio is comprised of the following properties:
Warehouse complex Gorigo represents class “A” with GBA of 87,310 sq m. The complex is leased by the largest Russian and international companies including Otis, Philip Morris and Shenker.
Business center Primium represents class “A” office complex with GBA of 17,368 sq m. Business center was constructed in 2008 by the Finnish construction company YIT to use as a local headquarter.
Kellermann Center represents a modern high quality office complex with GBA of 27,041 sq m located in the prestigious Admiralteyskiy business district of Saint Petersburg. The Property is leased to some of the largest international companies including Oracle, Maersk and Saint Gobain.
Current occupancy rate for the entire portfolio exceeds 98% and the Properties are leased to 68 tenants.
Lease agreements for warehouse space are mainly in roubles at market rates. Two office buildings are leased in roubles, U.S. dollars and euros. If we estimate the portfolio as a whole by area, then in general it is 87% is leased in roubles, 9% in euros and 4% in U.S. dollars. Major tenants are Otis, Oracle, YIT, Schenker and Maersk.
Adrian Baker, Group Managing Director, Raven Russia Ltd
: “We are delighted to have acquired this high yielding portfolio of prime properties in Saint Petersburg at a very good price and at an interesting time in the current cycle”.
Stanislav Bibik, Colliers International partner in Russia
: “The current situation and existing prices are most favorable for investors, who are increasingly looking to buy high-yield assets. As for the purchased portfolio, it will significantly strengthen Raven Russia's standing in St. Petersburg and will complement the company's other facilities.”