Icon (business center)

History

2025: Dielectric Cable Systems IT Solutions Maker Buys Icon

JSC "Dielectric Cable Systems" through the related structure of LLC "ADM Group" acquired the Icon business center on Vvedensky channel, 4, from the Turkish Renaissance Development. The transfer of ownership of the object with an area of ​ ​ almost 5 thousand square meters was registered in Rosreestr last week. This became known on July 28, 2025.

According to Delovoy Petersburg, the buyer is a manufacturer of equipment for laying a cable, distributing electricity, automation and information systems with revenue of ₽48,1 billion in 2024. The company's office in St. Petersburg is located in the Fairvater business center on Vvedensky Canal, 7.

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Фото: Icon

Sergey Vladimirov, head of the IBC Real Estate branch in St. Petersburg, estimates the deal at ₽900 -950 million. The acquired facility was built in 2019 and was part of the portfolio of the Turkish development company Renaissance Development.

At the same time, the sale of another former Renaissance Development asset, the Icon House business center on 2nd Sovetskaya Street, was closed. The buyer was Baltika's distributor for international sales Trade ES.

Turkish holding Rönesans, associated with Renaissance Development, announced its withdrawal from the Russian market in 2024. Since then, several objects have already been sold in St. Petersburg - a business center with a hotel on Ligovsky Prospekt, a business center on Khersonskaya Street, as well as objects on the 2nd Sovetskaya and Vvedensky Canal.

New owners have not yet found buildings on Marat Street, Vladimirsky Prospekt and other locations. Vladimirov noted that the sale process can take 6-9 months, since the most liquid objects have been implemented, and the exposition of others may take more time.

Market participants note that the owner's strategy provides for the sale at a relatively high cost, which also affects the timing of the sale of assets. This approach can slow down the process of finding buyers for the remaining objects.^[1]

Notes