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14 Mar, 2008 08:54

Record Russian real estate deal in Cannes

The Cannes property forum has seen a record deal for Russia. Otkritiye Real Estate will sell a business complex in central Moscow, to Germany's investment fund KanAm Grund for $US 900 million.

The sale is the biggest forward deal in the history of the Russian property market.

The complex will comprise a business centre and 170 hotel rooms.

It is likely to be the last big office project in downtown Moscow, because of a government ban on building new office property in the city center.

The previous biggest real estate sale was by Mirax Group, which sold Mirax Plaza to GazpromStroy for $US 650 million  last year.