The Morgan Stanley Real Estate Fund (MSREF) VII is considering the possibility of selling the shopping and entertainment complex "Gallery" in the center of St. Petersburg, the Vedomosti newspaper reported on Tuesday. As the sources told the publication, the decision to sell may be due to the fact that the term of MSREF VII is coming to an end. But if the buyer is not found, this period can be extended.
As noted, Morgan Stanley can sell the shopping center "Gallery" is not cheaper than $ 1 billion. According to sources, at present the broker is chosen for the sale of the asset. The shopping center "Gallery" was opened on Ligovsky Prospect in 2010, more than $ 500 million was invested in its construction.
This is one of the largest shopping complexes in the city: a total area of 192,000 sq. M., A lease area of 93,000 sq. M. The funds managed by Morgan Stanley have been investing in Russia for many years. In 2012 the company bought the shopping center "Gallery" in St. Petersburg, the deal amounted to about $ 1.1 billion. In 2013, Morgan Stanley bought out the shopping and entertainment part (205,000 sq. M.) Of the Metropolis complex in the north of Moscow for $ 1, 2 billion. Later half of the object was purchased by a fund managed by Hines.