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News Release

Moscow

The First Institutional Investment Transaction Since 2008


Moscow, 16 June 2010 – Jones Lang LaSalle has advised Akron Group on the investment sale of Bakhrushin House business-centre to UFG Real Estate.

Bakhrushin House is a business centre located at 32-1 Bakhrushin Street, across the Garden Ring from Paveletskaya Railway Station, a prominent central business district in Moscow. The Class A building, with a gross area of 5,078 sqm, was constructed in 2002 and has institutional Western and Russian tenants including but not limited to BBC Russia, VTB 24, Megafon and Russia Consulting, a German consulting company.

Thomas Devonshire-Griffin, National Director, Head of Capital Markets, Jones Lang LaSalle: “We are delighted to have help advise Akron Group on the first institutional office investment transaction this year. The market has been somewhat dominated by owner occupiers over the last 18 months, and therefore the significance of this transaction is more than being the first this year – it is the first transaction where an institutional investor UFG Real Estate, acquired the asset from a foreign seller Akron Group since the beginning of the economic turmoil. Whilst Russian equity is still in the majority, and UFG are longstanding in the market, this transaction is an indicator of a return of stability and increased foreign capital flows into Moscow.”

Stefan Ausch, Managing Director of Akron Group: “In the course of restructuring its CEE portfolio Akron sold Bakhrushin House. This is not a departure from the Russian market. On the contrary Akron Group is involved in a number of other Russian projects and with its strong local team led by Maxim Skulimovsky, Akron will intensify its presence on the Russian market. I personally believe that Russia will be the country with one of the fastest recoveries after the crisis”.
 
 

About Akron Group
Akron Group develops, purchases and manages office and logistics buildings and shopping centres in Eastern and Western Europe. Akron Group is structured in three separate and independent business organisations. Sharing a common pool of know-how, experience and resources allows to efficiently realize synergies between these organizations: Investment Management, Asset Management and Development Management. Akron Group offers institutional investors and wealthy private customers tailor-made real estate investment opportunities with attractive returns. For further information, please visit our Web site http://www.akron-group.com
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 149 million square meters worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management.
In Russia and CIS Jones Lang LaSalle have offices in Moscow, St. Petersburg, Kiev and Almaty. Jones Lang LaSalle, Russia was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009 and 2010 at the Commercial Real Estate Awards, Moscow and Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg. For further information, please visit our Web site http://www.joneslanglasalle.ru