- Pulkovo Sky business center and Metropolis shopping center acquired
- Assets of Balchug Capital are now $2 billion
- Further plans to invest in high-quality real estate
YEREVAN, Armenia, July 03, 2023 (GLOBE NEWSWIRE) -- The Armenian investment fund Balchug Capital has confirmed the acquisition of two landmark commercial real estate assets in Russia. It has purchased Pulkovo Sky, one of the largest Class A office buildings in St Petersburg, and Metropolis shopping center, one of the largest such malls in Moscow.
Both acquisitions were made by international investors who were divesting from Russia and were entirely legal under local and international law.
Pulkovo Sky business center, near Pulkovo airport in St. Petersburg, is 76,000 sq.m in size. It was purchased from Finnish investors EKE and Vicus. Metropolis shopping center in Moscow is 241,000 sq.m in size. It was acquired from leading American investors and is one of the most modern and popular shopping centers in the capital.
In neither case does Balchug Capital disclose the sum or the particulars of the transaction. However, analysts of the Russian market have stated that both are landmark transactions with Metropolis being the larger of the two. The moves have raised Balchug Capital’s assets to $2 billion.
David Amaryan, founder and CEO of Balchug Capital, said: “Many international investors who hold Russian assets and must divest from them face significant difficulties in doing so. This creates significant opportunities for investors in other countries who are legally able to purchase these assets. We are building a portfolio of the highest quality commercial real estate assets and plan to grow our assets to $3 billion by the end of the year.”
About Balchug Capital:
Balchug Capital is an investment fund headquartered in Yerevan, Armenia. It was founded in 2010 by David Amaryan, who serves as CEO and oversees all investment activity.
Media contact:
For further information please contact:
Tatevik Simonyan, Spring: tsimonyan@spring.am
