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.