CMS has advised the Coalco Development real estate developer on its sale to VTB Real Estate of 90% of the Tsar Square (Tsarskaya Ploshad), Presnya City, and Basmanny 5 projects for construction of business class residential complexes in Moscow. Dentons advised VTB on the deal.
The CMS team was led by CMS Counsel Vladimir Zenin, Head of M&A at CMS Moscow, supported by Corporate Counsel Gregor Kennedy. Zenin commented: "We have been delighted to represent Coalco Development on what is clearly a very high-profile and one of the most visible transactions in the Russian market this year. Completed at a turbulent time for the Russian economy, the deal shows the strength of the projects and underscores the high level of expertise of the parties to it and their commitment to the Russian real estate sector."
Jean-Francois Marquaire, the Managing Partner of, and Head of Real Estate and Projects at, CMS Russia, added: "We are pleased to witness another example of CMS’ capability to execute big-ticket M&A deals involving sophisticated counterparties, complicated transaction documentation and a very ambitious timetable. This deal also emphasizes our focus on advising Russian clients on their strategic cross-border transactions."
Editor's Note: After this article was published, Dentons announced that its team was led by Senior Associate Artashes Oganov, assisted by Senior Associates Vladislav Bromberg and Anton Kunashov, Of Counsel Nadezhda Gryazeva, and Associate Tatyana Indisova. Associat Natalia Afinogenova obtained antimonopoly consents for the deal.