Dentons advises Morgal Investments on its deal with Setl City
Dentons has advised Israeli developer Morgal Investments on the successful completion of the first stage of the sale of part of the land intended for the implementation of the Planetograd project.
This ambitious project includes the construction of around 1.5 million sqm of low-rise residential housing, as well as various transportation, utility, social and commercial infrastructure on a 240 ha area on Pulkovskoe Shosse, not far from the Pulkovo Observatory. The cooperation agreement for the project was signed by Morgal Investments, and the Governor of St. Petersburg during the 2014 St. Petersburg International Economic Forum.
The buyer and developer of the residential areas of the Planetograd project is SOZIDANIE Agency for Land Development, the subsidiary of the major Russian developer Setl City. The developer has estimated completion of the project in 14 years. The transaction is valued at around US $500 million.
“The Planetograd project is one of the most strategically important low-rise residential construction projects in our city today and is being personally overseen by the Governor of St. Petersburg,” said Karina Chichkanova, Head of the St. Petersburg Real Estate practice, who is leading Morgal Investments’ legal team for the project. “We’re delighted that we have the opportunity to represent Morgal Investments in the structuring of and preparation for such a complex and multiphase transaction. In the first stage alone we have signed more than 30 different agreements and related documents.”