Clifford Chance has advised PJSC MMC Norilsk Nickel (“Nornickel”), a diversified mining and metallurgical company, the world's largest producer of refined nickel and palladium, on the sale of its equity interest in the company which owns the Legion TI Business Center, to RCP Investments II Ltd. for the total amount of approximately US$100 million.

Legion TI Business Center is an A-class office complex located on Bolshaya Tatarskaya Street in Moscow. RCP Investments II Ltd is a company owned by UFG Real Estate funds focused on investments in premium class real estate in Russia.

“Exit from non-core assets and focus on the development of Tier-1 assets are the key pillars of the company’s corporate strategy. We are pleased that we have been able to secure this important transaction amid challenging times for the real estate market in Moscow. The proceeds from the transaction will be used for the company’s current projects,” said Elena Kondratova, Vice President of Nornickel.

The Clifford Chance Moscow team working on the deal was led by Marc Bartholomy with
support from Nick Diakoumis, Anna Krutik and Kamilla Shikhametova.