The Moscow Times
Morgan Stanley sold a 50 percent stake in Moscow’s Metropolis shopping mall to a joint venture of U.S. real estate firm Hines and a California pensions managing agency in a deal which might be valued at over $600 million, a media report said.
Hines CalPERS Russia Long Term Hold Fund — a joint venture between Hines and the California Public Employees’ Retirement System — acquired half of the 205,000-square-meter shopping center in the northwest of the city, managing director and country head for Hines in Russia Lee Timmins told Kommersant late last week.
The sides officially announced closing the deal on July 10 but did not disclose any details of the transaction. Timmins did not comment on the size of the deal either, but it could be valued at approximately $600 million, given the $1.2 billion Morgan Stanley had paid for the entire property.