Pulkovo Sky (business centre)

History

2023: Balchug Capital buys Pulkovo Sky business centre

The Armenian fund Balchug Capital, founded by David Amaryan, acquired the Pulkovo Sky business center, located next to Pulkovo Airport in St. Petersburg. The deal was concluded in January 2023, but it became known in June 2024.

According to RBC, on January 30, 2023, Balchug Capital became the sole owner of EV Invest, which through Transway North-West manages the business center and the adjacent land. In the past, the building was 60% owned by the Finnish company EKE and 40% by the investment company Vicus.

pulkovo-sky.ru

Balchug Capital previously had no assets in Russian real estate, making the acquisition of Pulkovo Sky the first significant step in this direction. According to Amaryan, this is a high-quality object that will always be in demand in the commercial real estate market, especially given its location and tenants, writes RBC.

The Pulkovo Sky business center is located on Vnukovskaya Street, opposite the Pulkovo-2 terminal. The complex includes three 14-story towers with a total area of ​ ​ 76 thousand square meters. m, of which 45 thousand square meters. m are suitable for rent. Most of the rental space is occupied by Gazprom structures, which provides a stable income, but also poses certain risks, experts say. According to RBC, the cost of the object did not exceed 6 billion rubles. due to current market conditions and financial encumbrances.

EKE Group opened Pulkovo Sky in 2009, investing €115 million in its construction. Vicus acted as a strategic partner, securing 40% of the funding, and the remaining amount was provided by Danske Bank. Currently, the building is pledged by Raiffeisen Bank, according to RBC.

Balchug Capital has been actively investing in the Russian market since its fall in 2014 and after the start of a special military operation To Ukraine in 2022. The fund acquired shares in Russian companies such as ",," "Rosneft and, LukoilGazprom Sberbank RBC notes.^[1]

Notes