In May of this year, we announced the acquisition of a 35 per cent stake in the project company AO AVIELEN A.G. The seller of the shares is CA Immobilien Anlagen AG (CA Immo), which has completely pulled out of this project with the sale. All of the prerequisites for the closing have now been satisfied, and the transaction was concluded on 12 August. Warimpex now holds a stake of 90 per cent in AVIELEN, the project company responsible for the development and operation of AIRPORTCITY St. Petersburg. An additional 10 per cent stake in AVIELEN is held by UBM Development AG. By acquiring additional shares in AVIELEN, we are confirming our commitment to AIRPORTCITY St. Petersburg, an attractive location with tremendous potential for further developments.
AIRPORTCITY St. Petersburg is located in close proximity to the Pulkovo International Airport in St. Petersburg. It is the first premium-class business centre at this location and is a key infrastructure project in the area around the airport, one of the fastest-growing commercial zones in St. Petersburg. In addition to a four-star Crowne Plaza hotel, three modern office buildings with a total lettable space of roughly 31,000 square metres have been built thus far. The two fully occupied towers from the first construction phase were sold in 2015. The third tower from the second construction phase is also fully occupied. In addition, AIRPORTCITY St. Petersburg offers property reserves for around 150,000 square metres of office space.
You can find the full press release on the acquisition here.