Russian Land sells to Sibir Energy

Russia's Sibir Energy is to acquire the property assets of Russian Land, although the 600 m Russia Tower in the Moscow City complex has been excluded from the acquisition.

The Novaya Gollandia ‘mixed-use zone' in St. Petersburg and 400 hectares of land in the Kaliningrad province are, however, scheduled for acquisition pending a Sibir general meeting.

Russian Land announced in December that it was freezing its projects because it couldn't attract the required financing, including an estimated US$ 2 billion required for the Russia Tower alone.

According to local press reports, Mirax has made an offer for the Russia Tower project, although this is yet to be confirmed or accepted.