White & Case advised on a transaction that won the "Deal of the Year – Purchase-sale" award at the 12th Annual Commercial Real Estate Awards, the most prestigious real estate award in Russia, organized by the leading publication Commercial Real Estate journal. White & Case advised Capital Partners, a leading real estate developer in Russia, on the US$1.2 billion sale of Metropolis, one of the largest shopping centers in Moscow with total area of 205,000 sq.m.to Morgan Stanley Real Estate Fund.
This project began in 2004 from the acquisition of a land plot in the north of Moscow. Since then, White & Case advised Capital Partners on building rights, regulatory consents and registrations, as well as a number of financings culminating in a €380 million financing from Eurohypo. Since its opening in 2008, Metropolis has become one of the most fashionable malls in Moscow. It houses more than 250 shops and food outlets, a bowling alley and a dozen cinema screens and was named the "Best Mixed-Use Real Estate Project" at Moscow's 2009 Commercial Real Estate Awards.
The transaction is generally recognized as the largest-ever single property transaction to date in Russia, bringing to completion the eight-year effort of our client to develop one of the most significant and successful commercial real estate projects in Russia.
The Annual Commercial Real Estate Awards event was initiated in 2003, and it has proved itself as the most significant and prestigious event within CRE society. Awards are given to the best object in their class, complying with modern CRE requirements.