PJSC MMC Norilsk Nickel has signed an agreement to sell its equity interest in the company, which owns the Legion TI Business Center, to RCP Investments Ltd for the total consideration amount of approximately USD 100 million.
As part of Nornickel’s non-core assets disposal program, the Company’s Board of Directors approved the transaction on March 30, 2017. The transaction is expected to close by April 10, 2017.Legion TI Business Center is an A-class office complex located on Bolshaya Tatarskaya Street in Moscow. RCP Investments II Ltd is a company owned by UFG Real Estate funds focused on investments in premium class real estate in Russia.
“Exit from non-core assets and focus on the development of Tier-1 assets are the key pillars of the company’s corporate strategy. We are pleased that we have been able to secure this important transaction amid challenging times for the real estate market in Moscow. The proceeds from the transaction will be used for the company’s current projects,” said Elena Kondratova, Vice President of Nornickel.
ABOUT COMPANIES
PJSC «MMC «NORILSK NICKEL» is a diversified mining and metallurgical company, the world’s largest producer of refined nickel and palladium and a leading producer of platinum, cobalt, copper and rhodium. The company also produces gold, silver, iridium, selenium, ruthenium and tellurium. The production units of «NORILSK NICKEL» Group include Polar Division, located at the Norilsk Industrial District on Taimyr Peninsula, and Kola Mining and Metallurgical Company located on the Kola Peninsula in Russia as well as Harjavalta nickel refinery in Finland.
PJSC «MMC «NORILSK NICKEL» shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges. PJSC «MMC «NORILSK NICKEL» ADRs trade over the counter in the US and on the London and Berlin Stock Exchanges.
UFG Real Estate is one of the largest International institutional investors in Russia, focused on conservative yield and high quality commercial projects. An investment term of the funds is 8-10 years. UFG Real Estate is part of UFG Asset Management group, with invests institutional and private capital in Russia and other CIS countries, with aggregate capital commitments exceed $2.3 billion.
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