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The international law firm CMS Russia has advised VTB Group on its acquisition of a 25.1% stake in the construction project of Russia's first digital skyscraper iCITY.
The stake has been sold by Russian businessman Alexey Bogachev’s subsidiary. The construction of the class A business centre will be continued by MR Group’s entities together with VTB Group as a new stakeholder.
CMS Russia advised VTB Group on all stages of the transaction, including legal due diligence on the acquired assets and preparation of a full set of transaction documents.
CMS Russia’s team was led by partner Artashes Oganov, supported by associates Natalia Gegechkory, Anastasia Dukhina and Ophelia Amirova. Senior associate Elena Andrianova and associate Timur Sadvakasov, under the supervision of partner Maxim Boulba, dealt with antimonopoly clearance issues.
The business center's construction near Moscow City is based on the smart building approach, which involves a combination of intelligent engineering systems, complete automation and energy efficiency of the building.
The business centre with a total area of 230,000 sq.m. has become Russia’s largest office construction project in 2020 and the first building in the country that comprehensively integrates physical space and digital environment. iCITY is an innovative project using cutting-edge solutions for the building structures, facades, elevators aiming at sustainability and minimisation of environmentally destructive emissions.