The lawyers of our Corporate/M&A group – partner Alexey Gorodissky and lawyer Jose Tobar - successfully completed legal support for the increase of the capital of a commercial real estate sub-fund to RUB 8.8. bln through Telecom-5, a joint venture of Sberbank PJSC and Rostelecom PJSC.
In accordance with an agreement signed between Sberbank and Rostelecom, each of them makes an additional contribution of RUB 2.4 bln in their joint venture, each retaining a 50% stake in it. The transaction was arranged via Sberbank Investments LLC (a fully owned subsidiary of Sberbank PJSC).
The purpose of the capital increase is acquiring from Rostelecom another 22 properties totaling in aggregate over 139 thousand sq. m. in Moscow, Moscow Region and St. Petersburg to exploit at maximum the real estate potential for investment and development. The portfolio managed by the joint venture has been increased to 38 properties located in eleven cities of Russia.
The joint venture with 16 properties in the portfolio under its management was created by Sberbank and Rostelecom in December 2016. Comprehensive legal support for that transaction was also provided by AGP’s team.
