The city of Moscow has sold “Book House” on Novy Arbat following the signing of a contract with Apart Group, which was the only bidder and who closed the deal at the starting price, RUB 2.4bn. The 26-storey building offers 28,900 sqm of space, and it’s thought the investor plans to convert the building into a hotel. According to the newspaper Kommersant, 90 percent of Apart Group belong to Pavel Te and experts see the deal as a positive sign for capital’s investment market. “By giving these buildings to professional players to manage, the city is showing its willingness to cooperate,” said deputy general director of Praedium company Alexandr Oshurko.
