Unicor Management Company to receive a title to Summit mixed use complex

28 July 2011
The ownership right to Summit mixed use complex was obtained to comply with the Russian Federation legislation in July 2011 by means of registering at the Unified State Title Register with the relevant certificate received. The complex will open this autumn with the grand opening of the first ever 5 star InterContinental hotel in Russia planned at the same time as well. More than 90% of the office space has already been leased out thanks to Knight Frank, an exclusive broker of the project.

The complex construction started in 2007 as a result of the Moscow government decree on the Minsk hotel reconstruction where there was recognized a need to construct a new hotel of more than 200 rooms with sufficient parking while not obstructing the access via Degtyarny Lane, an important transport link to Tverskaya Street. Following the meticulous analysis of the land plot and also considering the city’s requirements as well as the potential return on investment it has been decided to build a mixed use complex in place of a former Minsk hotel. Total investment has reached US$ 250 million. In April 2011 Summit has been chosen as the best mixed use project as part of the CRE Awards as well as gaining the additional awards for its architectural style and engineering systems.

Total area of Summit is approx. 64 000 sqm, with InterContinental Moscow Tverskaya 5*occupying approx. 17 000 sqm and the retail share being just over 6 000 sqm while 18 500 sqm is accounted for by A graded business centre. At the moment more than 90% of the office space has been leased out by Knight Frank, the exclusive broker of the business centre. Amongst Summit’s anchor tenants are Sberbank, Sanofi-Aventis, Samsung Electronics and Hogan Lovells.

Pavel Lysenko, Unicor’s Presindent: “This is yet another step towards our aim to make Summit a major business neighborhood in Moscow. Ganing the title to the property is the final formality after which we’d be able to open up our complex officially. We expect the remainder of the office premises to be leased out by the year end”.

Evgenia Luchitskaya, Associate Director Offices, Knight Frank: “Summit business centre is undoubtedly one of the best prime properties on the Moscow office market. The tenants would benefit from renting their offices here, as obviously the centre complements the company’s status, showing their appreciation of the Summit’s architectural style. Once the InterContinental hotel, which is the first ever 5* star hotel to be managed by a global operator in Moscow, is opened the tenants will be able to use its infrastructure as well. InterContinental’s involvement is yet another testimony of the Summit’s uniqueness and unrivalled quality”.

Additional information:

Unicor management company is in charge of coordinating a number of companies that are legally and operationally independent providing strategic planning, project development and implementation that require shareholders’ resources or external financing. The company is present in Central, Southern, North-Western, Ural and Siberian Federal districts. Those companies under the Unicor’s management are successfully operating in such areas as development, financial services, collective investment, retail pharmacy business, agriculture. Total number of employees is more than 15,5 thousand.

Unicor has an impressive track record in developing major projects which apart from Summit includes Luxe Hotel in CBD of Moscow, Garden Quarters prime residential complex in the historical Moscow district of Khamovniki as well as Pioneer House residential complex in Sochi. Total amount invested is approx. US$ 1,4-2 bln. The management company was founded in 2004.