Walkers, a specialist in offshore financial and transactional law, acted as legal counsel to Capital Partners, a prominent internationalfund and property developer, on its recent sale of a major retail complex in Moscow to Morgan Stanley Real Estate Fund for $1.2 billion.
As one of the largest transactions of its kind to date in the region, the $1.2 billionresulted in the sale by Capital Partners of Moscow’s Metropolis Shopping and Entertainment Mall, a Western-style facility combining a range of major brand retail outlets with cutting-edge entertainment and leisure facilities. Capital Partners had previously developed the Mall, which opened for business in 2009.
Walkers advised Capital Partners on the British Virgin Islands law and Jersey law aspects of the deal, with Jack Boldarin, Partner, and Neil McDonald, Associate, each based in Walkers’ London, leading the Walkers team.
“This was a time-critical, complex cross-border transaction which showcased Walkers’ ability to deliver time zone-sensitive BVI and Jersey law advice from our European hub in London,” Boldarin said in a statement. “As local real estate continues to heat up, advising on deals in Russia and the wider CIS region will continue to be a top priority for the firm. Our experience in this area is well-documented, and we look forward to helping clients understand the ins and outs of the region as activity there continues to build up momentum.”
Moscow, in particular, is emerging as a hotspot for global real estate, especially via REITs, due to the local market’s extremely attractive valuations and expanding supply of commercial and residential properties.