Mubadala Investment to buy a half of the shopping center in Saint Petersburg
American company Morgan Stanley has sold a 49% stake of the shopping center "Galleria" located in Saint Petersburg to the Arabian state-owned holding company Mubadala Investment. According to the experts, contract price could be valued at 30 billion rubles ($487 million), what makes this deal the biggest investment in the Petersburg commercial real estate since 2013. It is also noted, that the overall investment activity in the city is raised by more than 40%.
According to "Kommersant", the deal was closed in December 2019. It is also said, that Morgan Stanley is going to continue to manage its part of the shopping center paying the dividends to investors.
Mubadala is an investment fund established by Emirate of Abu Dhabi. The total equity accounts for $226 billion, what include assets in real estate, retail, infrastructure and other. "Galleria" is not the first investment in Russian assets. It also bought a 25% share of Pulkovo airport and 22,5% share of "Russian Fitness group" (World Class).