JLL has advised Etalon Group, one of the largest development and construction companies in the Russian market, on the sale of a new built-to-suit office building to Raiffeisenbank, leading bank in Austria and CEE. This 16-storey building of 34,000 sqm will be located in the territory of the Nagatino I-Land business park in Moscow. This is the largest deal closed in the office real estate market in Russia so far this year.
The new building is due to be completed by 2022 and it will house technology specialists from Raiffeisenbank – its IT and technology business segment has grown significantly since the bank’s recent transformation. Raiffeisenbank has been a resident of Nagatino I-Land since 2014, occupying around 25,000 sqm in the first phase of the project. The bank will more than double its presence in the district once its technology team moves into the new building after completion.
“This new office is needed for comfortable accommodation of the bank’s IT department and agile software development teams. The second building in the territory of Nagatino I-Land business park will allow us to expand the space without geographically dividing the team of the bank,” comments Evgeniy Markovsky, director of real estate department of Raiffeisenbank.
“We highly value the trust of such a large financial institution as Raiffeisenbank to our company”, – noted the Head of the Moscow territorial unit of Etalon Group Maxim Berlovich. – The project on the territory of Nagatino I-Land is supporting Moscow strategy, which is focused on the development of new districts located outside the Third Transport Ring. The creation of new workspaces helps to decrease circular migration and traffic in the city centre. Such kind of projects are additional drivers for the balanced development of city economy”.
“Classical built-to-suit deals in the Russian office market have not been concluded yet. Such future projects are an excellent opportunity for large companies to satisfy growth of their businesses, especially in the conditions of small vacancy in the office real estate market. We are delighted to have advised Etalon Group on this first deal of its type in Russia, which will become the foundation for a new trend in the market,” says Alexey Efimov, Executive Board member and head of the Office Group at JLL Russia & CIS. “Nagatino I-Land is an established financial hub in Moscow’s office real estate market, and for Raiffeisenbank this deal is a strategic real estate investment which will steadily grow in the value. For Etalon Group this is a successful continuation of cooperation with a stable and trusted partner with a globally recognized name.”
Nagatino I-Land technology park is a growing business district of Moscow, located on the territory of the former Likhachov Plant with great transport links. The district currently has seven office centers with a total area of nearly 200,000 sqm, rented and owned by large financial institutions. Active construction of both residential and commercial real estate, as well as social and transport infrastructure, is underway, which makes the area even more attractive for long-term investments.
Raiffeisenbank is an affiliated structure of Raiffeisen Bank International AG. Raiffeisenbank is one of the most reliable Russian banks which offers finance solutions for private and corporate customers, residents and nonresidents of the Russian Federation. According to Interfax-CEA data, Raiffeisenbank takes the 11th place by the volume of assets following the results of the first quarter of 2019, in the 7th place by the volume of funds of natural persons, the 7th place by the size of the retail credit portfolio, and the 7th place by the size of the net profit.
