In November the company Zao Avielen AG, a joint venture of Austrian real estate developers Warimpex, CA Immo and UBM, announced to sell the two office towers "Jupiter 1" and "Jupiter 2" with nearly 16.800m2 in the Airport City of St. Petersburg to the Russian private pension fund Blagosostoyanie. Now the deal, which was already announced in February 2014 and accounts for 70 million Euro hangs by a thread: Given the current ruble exchange rate, the project financing is endangered and the closing therefore not done yet, according to a statement of the Warimpex CEO Franz Jurkowitsch in the Austrian Business Newspaper "WirtschaftsBlatt". "The management is working to solve these problems." The two office towers are leased to the company Gazprom.
The negotiations for the sale began over a year ago. In the meantime, the value of the ruble has almost halved. The pension fund achieves its revenues in rubles, but wants to take over the project financing in euros, therefore the transaction does not pay of for the fund right now, writes the "WirtschaftsBlatt".
In the joint venture, the Warimpex holds 55 percent, the CA Immo Group 35 percent and 10 percent of the UBM.
Source: WirtschaftsBlatt
Picture: Jupiter Towers, (c) Warimpex
