News
Company’s attorneys supported Element Development’s deal to enter the Moscow market with a project worth 6.3 billion rubles
Element Development, company’s client, launched its first project as part of the strategy to enter Moscow housing market. The project implies the construction of a business-class residential complex with 17 thousand square meters area. The project value, considering the site acquiring cost, will be 6.3 billion rubles. The complex construction in the Basmanny district will start in October 2023 and will be finished in three years.
In addition to a premium residential building, the project provides 24-hour concierge service lobby, a coworking space with offices and meeting rooms for residents, a play space, fitness and SPA, as well as an underground parking for 130 cars.
Kachkin and Partners carried out full legal support of the project purchase transaction and its subsequent launch.
“During the year, we plan to bring four more projects of a comparable class to the market. These will be locations in prestigious city areas, with good transport accessibility, proximity to major highways and developed infrastructure. Entering the capital market is a way to diversify our portfolio. Besides, there is a higher demand for premium housing in Moscow and there are examples of successful developers work from St. Petersburg,” explained Vitaly Korobov, founder and CEO of Element Development.
“Element Development is our longtime partner who trusts all of its investment deals to our legal expertise, both in St. Petersburg and Moscow. Our specialization and experience allow us to successfully accompany transactions in any region; Moscow and St. Petersburg traditionally belong to the most active markets. As all investment transactions, the project had difficult issues that were successfully resolved, and we are pleased to congratulate Element Development on a successful start,” said Dmitry Nekrestyanov, Partner, Head of Real Estate and Investment Practice at Kachkin & Partners.
Element Development has been implementing projects in the business class segment in St. Petersburg since 2021. Specializes in complex and urban areas development. The company’s portfolio includes three complexes in St. Petersburg: business class projects “Bereg. Kurortny» and» Shepilevsky», «Collection House 1919» premium.
PhD in Law
Partner
Head of Real Estate and Investments Practice
Attorney
PhD in Law
Partner
Head of Real Estate and Investments Practice
Attorney