March, the 5th, 2008
Sponda purchased two shopping centres in Moscow for USD 109 million
Real estate company Sponda Plc has purchased the shopping centres Sun Paradise I and Sun Paradise II in Moscow for a total of about USD 109 million from LR Russia AB.
Sun Paradise I, built in 2004, was purchased for about USD 66 million. The shopping centre, which provides food, domestic appliance and cosmetics services, is located in Solntsevo, in Moscow, close to outer ring road at Borovskoe Highway 6. The shopping centre has 9,000 square metres of leasable retail premises and parking for 242 cars.
The price for the Sun Paradise II shopping centre, which focuses on consumer goods and food services, was about USD 43 million. Completed in 2005, the shopping centre is located in the centre of Ramenskoe in the Moscow region, at Vokzalnaya St 4. The shopping centre contains 6500 square metres of leasable retail premises and parking facilities for 120 cars.
Both shopping centres are fully leased. The investments are in accordance with Spondas growth targets in Russia as stated in the companys strategy.
Sponda Plc is a real estate company specializing in commercial properties in the largest cities in Finland and in Russia. Sponda's business concept is to own, lease and develop office, retail and logistics properties into environments that promote the business success of its clients. The fair value of Sponda's investment properties is approximately EUR 2.5 billion euros and the leasable area is around 1.3 million m2.
For more information:
Further information: Kari Inkinen, President and CEO, tel. +358 20 431 3311, +358 400 402 653.
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