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In the ~enter ot the City announced by the

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investment Interesl in high-quality objects ill the Tnr ~11 I tT8~eHra

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still imponanl Ie have a representallve office in the

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- The rrospecs of he Mosco office real estate

market in 2011 have l)euroen most Seuroriously influenced

by the ban or I the conSTrUCtion of new offices il1111e

ctty center Dupound) to th ~llce llat~ )1 01200 Investm~11

contracts by the City ~ adminlstl1tioll tile plans for Ih~

C(111srructlon of saven [l1lhor sqm of real eslate have

beer ruined Although nnt dll jf Hlese wele btlsiness

enters the office ~nuktt has been severely l1Urt rar

ornpanSOI the vOlum 01 Class Aand Class Bofflc

spaces in Moscow is II mOle tlan 12 million sqrn

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10( the lilst time since the first half 012008 TIllS tnd

canno but rejOice professiooal players In he commershy

ial real EStatt segment In Moscow

Anna Ji1f11ep

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Alia Tigner

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of meaSllr8~ taken by the

Moscow City GOlernm--nt

to 9diust the current Mastel

Plan untl2025 the C8nCbshy

ltllon of 200 large Irvest

mer prolects with a total

reo of over million sqm

IIe fact that the H~riage

COlnmlttee oj Moscow

nnoUllced le central zan

to t~e a cnnservation area

LInd an almC3 complete

prolli)ltrQn of new construeshy

Ilolllmtd 2016 Tlese larshy

tors greatlv IlllllJonced the

Increasing shor1age vI qU11shy

ity supply ilnd the growl1

in leaslOp rates for onice

bulidll1gs locate( In central

Mos(oVl

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so-called window dlJling which businesses made of transaClions In the lislOry of the RUSSian market BaTb CTaBKVI caMVI EcnVl HeKoTopble c06cTBeHHVlKVIeHdbl pblHKa MOCKBbl about 425 million EUR This transaction can rightly beThe generated deficit of Class Aoffice supply in the pians to expand and aClively sough1 new areas But It IS also wortnoting tile return of many big playshy cTapalOTc~ npVlgepgtKVlBaTb CTaBKV1 HapaBHe Ccoceshyconsidered the largest transaction of the year bullmarket Will only Increase lhe value of our assets bullO(bC~IIt1ll1ecTllll1IH 111fMMeplelIltYIO then in the autumn tnere was a feeling that tllere ers such as the Heitman Fund and the first transacshy ggtlMV1 TO HeKOTopble Ii1 Mbl BTOM 4V1cne npV1HV1MaeMlUII1IIM()~lI 11 20 II IUl IY YIICJII I IIlJIlt51

(1 1(M IImCl palll IIpl1 3lml ~O1SI lCHtctJl shy might be a second wave of the crisis and many tions of Morgan Stanley on IIle Russian market bull KaKYIO-TO nOnVlTVlKY OTHOCIi1TenbHO ce6gtl 1I IIIICiOpOflIIUpylltTyPI I1llT1lCr1IUllil companies decided 10 wait and see how the markel - Tl1e Mayors ban on tile consJ1Jction of new offices In middotl1niiI1110 I1U3r()~JI(I _

would develop In the near future bull the center also did not create many changes We l1tlveAneKcaHIlP5ai1llaKOBAneKcaHIlP COPOKV1HCroIItII1lt1l1 r3K llCpCCMOTPCl( 6W111 qUite alarge number of projects that have not beenrt3HtpltlJ1bHb(r Q~1pekTOp

IOBltlH 3lI110 ICIl1lhIX 11118CtTK0I1TpaKTI)Il ynp8BJIRuLJiI11 napTHep commiSSioned yel The leasing rates are beginning 10000 -tDl4HnpOMrpynnb KOMnRHIo1i1 ALCOfli TaTbRHa KOBaneBael1cllO 3-11IoI11P1T(I Alexander BaidakovAlexander $orokin stabilize rotatlOI1 conlinues lhe rates have inCleasedrfHc(X1f1bHbil f lllf 8KTOC

O(1gtI1IlJICI1 3ltlllllT Hal1VOll1l1lhCT1l0 lI(II shy - Ha 3HaKOBbie C06bITVIgtl 2011 rag He 6bln 60raT - YBepeH MHorVle KaK VI ~ paCL(eHVlBaIOT 3anpeT (K lt3IirlJcp~lc a litt1e In Ihe centerbut tenanls are not standing in line npEllCt3aaTflb It ll1P~lHqMU~Kut1 - fi 11ltllTOSIi IICC Up(~1l1 IOCTpal1llilshy Ta tiana KovalevaMOCKOBCKV1XBnaCTelii Ha CTpOViTenbCTBO OltjlVlCHbIX 1118 office market ha5 not stabilized yet We need toOCHOBHblMVI HblOcMeiiKepaMVI 6blnVl npaBVITenb shy lHSeCTI1i11OwOl KQrniJtIJI11JI yTBCpnICllllh11 IIpnCKlmiddotII plnl ruTJllllTshy01 POI-eurorllfs - C06blTVlIii 3aMeTHbiXHa pblKe He npOVl30wno see how the owners Will respond to changes We haveJICqJIIUlIlY O~)II lOf B 1ICIITPC rop(~middotta CTBOMOCKBbl VI CTonVl4Ha5l rpapOCTpOVITenbHO- 3AaHVlIii B-eHTpe MOCKBbl VI HeTonbKO BL(eHTpe Dmitry Mints 3anpeT M3pa HaCTpOVlTenbCTBO Oltjl VlCOB B-eHTpe determined OUi posrtiolis and l1ave sel arather low

I IJIlll1l1 110 PJClliIlPClllllf1 NnClUb flYIlYI HOro peWeHVIgtl CKQnVlBWVlXCgtl rpapoCTpoViTenbHblx AeltjlVlL(VlT OltjlVlCOBCOCTaBVIn OKono 35 TbIC KB M

3eMenbHa5l KOMVlCCVIgtl c03AaHHa5l Aflgtl onepaTVlBshy KaK c06blTVIe 2011 roga Y)f(e BI KBapTane 2011 roAa

- B 2011 roAY BPOCCVlV1 KOMMep4ecKoii HegBVI)f(V1- TaKgtKe He Bbl3Ban OC06blX nepeMeH Ha4V1HaIOTcgtl level of pnces ir order nollo rruse them Those objectsIKpeTl1il1p()lIaI11~ 11 TC1111111 III)X l ILi IIflUT

IIHU llpntlmiddotmllTpOIITC~ICllIIll1fllltJRtIX np06neM VlMeHHO pa60Ta r 3K BOMHOroM onpeAe shy HOBoe npeAflO)f(eHVle no apeHAe B-eHTpe 3Ha4V1shy MOCTVI 6blno npoAaHo n04TV1 Ha $7 Mnpg npVl 3TOM cTa6V1nVl3V1pOBaTbC~ CTaBKVI apeHgbl npoAOn)f(aeTCgtl which were lingenng are gradually being implemented

IPI1TOllIf1X 11 011SIHTLCtl 111 (yI)T 74 VlHBeCTVlL(VlIii npVlwnocbHa MOCKBY 3TO caMbl1ii pOTaL(VIgtl HeMHoro nogpocnVl CTaBKVI BL(eHTpe Mbl loday and the supply conhnues 10 exceed the demandnVina BeKTOp pa3BVlTVIgtl oltjlVlcHolii HeABVI)f(VlMOCTVI TenbHO HVI)f(e cnpocaOAHaKo AYMalO BnVlgtlHVle

AaHHolii VlHVlL(VlaTVlBbl 6ygeTelle oCTpee OllywaTbshy 60nbwolii 06beM cAenoK 3a BCIO VlCTOpVlIO TaKgtKe AJ1gtl ce6gtl onpeAenViCb VI B3gtlnVl gocTaT04Ho HVl3KYIO aybe Ihe leasing rates have grown slightlyWilile[l CBL~11 C yrpl)~oil p1t31ICa 61111111 no OTIPO MOCKBbl Ha 6m1)f(aliiwVle rogbl lylOU~l1 llilllll11 YiKCtrnlrrh ycnOlllnl Ipl~I1 - Cgtl B2012 rOAY Korga cpegH Vle apeHAHble CTaBKVI HapO OTMeTVlTb B03BpalleHVle KpynHblx VlrpoKoB nnaHKy Te 06beKTbl KOTopble 3ClAep)f(VlBanVlCb prevIously the owners based their rates onthe data of 111118 lTn iUpYllIiIlITJlluc1unelrlM IIll1I1VICshy

- The year 2011 was not neh in significant events TaKVlXKaK HanpVlMep ltjlOHg Heitman VI nepBble nOCTeneHHO BBOggtlTC~ VI npeAflOgtKeHVle npoAOn)f(aeT consultants loday they prefer to set the rates by themshyHa OltjlVlCbl BL(eHTpe BnpeAenax CapoBoro KOnbL(aThe main newsmakers were the Moscow City

IIII CPIIIIi1IICIIPOll1I11111 1Jllll1Ir)IIX II [10(11111 Ha poccVlliicKOM pblHKe CAenKVI Morgan Stanley npeBblWaTb cnpoc CraBKV1 MO)f(eT VI nogpocnVl seives 11lollgh some owners try to rein in Ihelr rates 10Government and the UPLC wl1ich was created to Bblpacryr npOL(eHTOBHa 15

T(M IIIII I JlIlPOCTiJ 11reIJnUili 111111 -I am sure many people myself included regard the - Almost $7 billion wortl1 commercial real estate HOecnVl paHbwe c06cTBeHHVlKVI onanKVlBanViCb OT keep abreast With then- nelqhbors somecompanies 011 rrny 11 [lOllOl l)f(1lJlII 11l11iKt11IIC 411) cn~ shy

problems It was largely the work ot the UPLC lilal

find effiCient solutions for tile backlog of architectural

ban ot the Moscow authonties on bLUldlng In the censhy was sold in RUSSia In 2011 With 74 of the invest shy gaHHblx KOHcynbTaHTOB no CTaBKaM BKOHKpeTHOM induding our own adopt apolicy that besl suits their I) c 1(JlpllllICI1I1I~ allc~OllepIIltUrl 1111111shy

ments made in Moscow This IS the largesl votume paliiOHegtTO ceragHgtl OHVI npeAn04V1TalOT YCTaHaBnVl- business needs bullter of Moscow and not only in the center as numberTIl IIli~~yJIIIn1 IljllUIIli1 2008 lfJIltl defined the vector ot the office real eslate developshy

am event Already in the tlrst quarter of 201 1 the deflshymenlln Moscow for the coming yearsbull AITll 1111 Hn apCIIJVnopU8 O(rll1llIll1 IIClBII shy

CI of offices reached about 35000 sqm The numbers IMO~11t l103pcIt ITO 1I1J)Jl3I1JIOCI II YIICJlIlshy

1IIII1InJlJI1CCTIla tllflOI( ltl ICII11gt1 OcjJIICOt of new lease hstings in the heart of Moscow are much XPOHHKA C06bITHH 2011 lower than the demand And Itle influence of thiS inishy

CnHlKlI jleILll1 OCPI-IC(1f1 IllgtlpOlI111 II Iraquo( l shytiative Will be even more acutely fell in 2012 when the IIIIIPI ())h~IJ1 IHlle () 1I Il1I1I1X 1)ltIUliW NIII I()(II ()ol1() id ls I~UT II OUh lIjJ(1I1() 1I I1H flX IIpor)a)(U~ 11lt18 - 12 11111 TOMYIOllllIbHjlCIll middot MapKfpoi1cMaH

13i1rI IIH If KmIIGIIIIlI(IIIIJ Jf1 IOtlIl KON j) J1~C1 iOlllN II II I I flHIIH ((Ii gtreHepaJlbHbM jjI)i3tfTOli

Clverage leaSing rates fa offices in Ihe center withinI~ nlHloK 11 HMIII1 11) Ionk bulliII)IT(lIilJlIJ

lhllpyunln IJ 3tUIICIiMUCTII OT paIJlIlJII)KC shy middot-JWlII el)aMa UFU I~(a l FSlal( BhIKy 1l0111I Capil u l ( imlli OltG(Jb l 11 IltIllCTIHI (1l111l11wtO otliJllml

AFI DeveiopmJnt PLC lI1e Garden Ring Road will Increase by 15 bull

Mark Groisman -ilI1rilllI(tlt fJyrHf)nItIK(I I IOKl l lUIOIJ 1gt11 laquo r(( (IO~ 71J leim lurktl II dlw fI(J IICIINX ldUliliH CIIJ IU enUpllILUmiddot1I11I (1llyl(iI II1 (JO 11)(1((11gt1 Jlpl)()a ll lI

lo flUA IgtfKlIil NIIKt lh IIOKlIl( 1I1 fj l[ Iorr Il lI zo n)e lKIl - u(uee SiOUIIIH KWIl IONUI COOI Olli ll XOl rJUIUJ l middot 2499 - 2011 rOA 03HaMeHOBaH 33MeTHO B03POCWVlM fleoHIt1J KanpoB 1Ifl lu (jopa 110pllH Kam(pcK(JiUraquo upeNI)Y(II o () laquo I()WHI hllli Uy lbIHlp j I gt ) lt1 $4I J I1-IHVlHTepeCOM KpblHKY POCCVliilCKOIii HeABVI)f(VlMOCT1gt1 1111tgtmiddot Jr lVitltiHT - 111BltrnpqWIlVlT npeAnOgtKeHVlIii OltjlVlCHbIXnnoLlWAelii

IF De(middotlluplllel1()11KOII Ii ( h (JIIIIPO(IIW 29846 W I (I [)f i middot ()IIIIIII IIH Ilulw raquo (j)[ 111) lWIIl HJ111111 middotil 1 5L1 laquo3a llo rirlwCPeQVI VlHBecTopoBOCHoBHble CAenKVI npoxogffilacca AHa pblHKe 6YAeT TonbKO YBenVl-IViBaTb ((jiMepltcclioro noaaJeff1R rJelOf50o IIWptlLIO 1 IYH((eUO l i ulpUII)(JNI IJ I17pbl llllI IWI)UII IHl IO IU tlIIO lIiI fIOP()lIU J h rttz GrollpBCerMeHTe cMewaHHolii HeABVI)f(VlMOCT1gt1 BKJlI04aKlshyOViMOCTb HawVlXaKTVlBOB bull n npoaltllK )WJlbgti

fMC ljesenonMe IIPI II) $]- 6 )UN KWIIIfIlUlI laquo(llIlI l huunmiddot 131 r7gtIIJlilL lI (J m I)(IlI(1Nll li OUU((tl ll IIJII ((II)(llelii roCT1gt1HVlL(bl ToproBble L(eHrpbl OltjlVlCbl TaKrhis yearsevents marked dramatic changes in _ Leonid Kaprov ( II( II I IJtiI- l il I j) IWKytUI11i OHII1IJU II fwi Ilo(licuUWIKOIllKpNltoelll In IJfidOPIII(11I ~ Imiddot LlfU fl l oIJ(( - CU III II raquo N1I 6 0( III gt( Kli 11HeAaBHo 6blnanpoBeQeHacgenKa no npOAagtKe orengtle urban planning poliCY of Moscow The arrival 01

I(K(II (KI(IIII ltOI1Ml rJr OII KOAlflOH Il U Ciler ill uesl 1I C lIlcUP Ur)IIe lO tLIINII II pe(UII Hj I()IIIHWO O mR81(NO OcjJ(tIIIII IfCKOlI JUllPCl1lJ-The Ritz Cartton MoscownpVlHagne)f(allero Capital rOA 6bln VlHTepeCeH TeM 4TOBHeM 6blno HeCKonbshy~rgey Sobyanln to the post 01 mayor of Moscow KO 3TanOB OHHa4V1HanCgtl co Bce06llero O)f(VlBneshy Pa( l oJiIIII toAEle 100 IIHllemIKoHII IPtllCl7()11- ( 1I IP(JIln7 IIIWll lltlI IIIJ111 rnlaquo)(J 10 I (j 2PartnersKa3axCKOlii KOMnaHVIVI BepHbllii KanViTane ban on new construction in central Moscow II

[6ep6otlfo EiI~ ()lmI1I KJlIIlIl tllll l l oltw rli l J1ei (rmlIiPf JlOflrPIHVIgtl KorAa KOMnaHVIVI CMornVl YBepeHHo cKa3aTb 4TOCYMMa cgenKVIKOTop8Jl6blna3aKpbITa BcepeAVI-

He anpengtl OL(eHVlBaeTCgtl 3KcnepTaMVI npVlMepHO KpVl3V1C npoliiAeH VI BnepeAVI 3Tan cTa6V1nbHoro pa3shyIncellation of Investment contracts and finally

S17I JIH Nil d OC1IIP0I1KY aUlff ll (jgteuepIU(IlH lt O ICO Property oampMtt~ell 0 lua l(L~ 1I(l()(jClJIOi 6ePUWI 0111 KPIgtII(J (OI KI I(UII IIIHK) IIIHUIO(pandlng the boundaries 01 Moscow These are B425 MJ1H eBpo3rarpaH3aKL(V1gtl MO)f(eT no npaBy BVlTVIgtl nOgtlBVlnOCb TaK Ha3blBaeMoe OKHO BO BpeMgtl Olllfll-Iltl lI elfpOli1 ti ll II IltPPUlIIopIII13J1n(J IUrlll l p oclli o ux (II1IIIIOJ W 53 ILlH e(1[i() 11pound1 $19-1 I Ii 110 ( m p OIllll lb(t1W IJ 1 lim fJlozlIr-reaching changes that have in fact put the entire

C4V1TaTbCgtl c3Molii goporolii cg8nKolii YX0ggtlllero raga KOToporo 6V13Hec CTpOVIn nnaHbl no pacwVlpeHVlIO (( Ifi) l l lltII() I1 I(Jt Kllli Gamer ~ IIN III((Jraquo 1III IIX()(11111 01 Proplmiddotrie IUi(J11U 111 I )(l tl lI Lr)upUKI)nstruction industry on anew track modified the

- The year 2011 was malKed by asignificantly VI aKTVlBHO paCCMaTpV1Ban HOBbie nnollapVI HO ygtKe () I Pmperlie IIOKJIwelll [ tJoro ll l Plaza K coo wde Ibtlll EIIHooHI(l J1j $1 2 lIpd laquo bOlbW (IIllI raquo (60r(t $ 7() I1H )Ography of the capital city and created new landshyKOceHVI BepHynocb OllYlleHVle 4TO KpVl3V1CB03MOshy I lImm Gmlfl u PfOlJo r)(IIWO rjJ()tldu Slwlluw) (JlliCred il Rell1 it (1IIfoIINIII1(( Ililll fJILJiUI1N I() 1IIJIrilHIl iJ 3 KClI IIWIIIII(I IIO II Iperio ru~rincreased ntereSlll1 the RUSSian real estate market

on the part of IIweslors Major transactions occurred

larks having IOfluencea the development 01 busl )f(eH OngtlTb V1 MHOlV1e KOMnaHVIVI pewVlnVl nOCMOTpeTb UrrlIiIl1 1l () I UlNIIX IIIJlill lI lgtIIgtI IIIO(l ~ f llllflI jll~ IINI() HII S2(i 11 HII f71 ili lllllll Dllm l Pluce III 0111 1 Ll brjJlI-(JUNO 0111 l1i JI1 KU ass activities in Moscow for the coming decades

In mixed segments of real estate Including hotels Ha ganbHeliiwee pa3BVlTVle cVI-ryaLVIVI HapblHKe 1111(middot 3P l1[1uOlW lfJ()( Ul1I1QrJ- (J(OI IlIIPY - ()nh11W l-() OiOloUHOOWIiIiU cmpOl 1 e lortIlB(I (f laquomiddot IOllAWptill IIIraquo)0 many events for one yeal during whicll our COI11shy- The year 2011 was Interesting because It Involved 611lt LIIJd 11(j(J 1I1LflIlIIfi - eIIIPYmiddotl IUPfL1I ~ ICfgtI ~ 5(1u1i1 11(lIl(tWI () I Properi IIPOUWIII bl laquol iuII i- mlpIK l1l1llCll1shopping (enters and offices One sucl1 recent transshy

IJpo Im1 IHLrlMIl II W IOIWII NW $ 1iRJU H h PWi OIlLl tIIHI i1I WIIIIII I( 0 Cll lflOWI1I1IIIIW e b llmw- IWtlm raquo

any managed to preserve Sl1100th working relations

action involved the Ritz Carlton Moscow Hotel sold several stages Tile year began with a general

recovery when companies were able to confidently 11th the City of Moscow Government After all our

IIgt rxfJuca laquoTOJl1pOAUi gt o IIiII JOIHo1 1I1()(ld( IIF If)by Capital Partners to the Kazakhstan-based Vemiy

say that tile recession had passed and in front rOjec1 - ~onstruclion on the Federation Towel - is

IIWOIIII Illlt (11) WPW llIIIJII 1IUOI1lH)WI nyltlI l(11 5113 He _ lN 11(IIJep fiadlp plllJ6pell(lm 11i IOBUlI l lailfillIpllIcJIIl 19 911 KII AI (I vII Skyliglll -Kapltal The amount of Ihe transaction Wllicil wat

lay the stage of stable development There was a nder scrutiny of the public and the citys authorities

IIU m1olfolIlJ IIpr)(wme ampiIVlllllli Cllrlll ~ d(J 8IIH((i 11 1(JIIIK I1W rWIl IiI Po eCilIgt- 11110 PY tlll llI tnl clJltIh(1 lpeHtt~ orjJlllJ IJ 20 II ltooycompleted in mid-April is estimated by experts atleanwhile Ihe events turned out to be very positive