ICT Holding Ltd (ICTH) has completed the sale of the Zarechie office centre. The deal was structured through the additional issue of O1 Properties Class B shares, which were transferred to ICTH. As a result, ICTH increased its ownership of O1 Properties’ Class B shares from 24.5% to 29%.
Zarechie is located in Moscow’s historic downtown, one metro stop from the Kremlin. The facility comprises of two buildings with a total area 15,517 sq. m. and 91 parking lots. The net rentable area of the office centre is 14,557 sq. m. The entire facility is leased up for a 10-year period.
The construction of the first building was completed in 2009. The second one - that was built 1932 and was used as a manufacturing facility in Soviet times - has undergone reconstruction based on Kleinewelt Аrchitekten’s design. The reconstruction is due to be completed in 2015.