US real estate firm buys 2 Moscow office buildings

Moscow

HINES, a US real estate firm, announced that it has bought two Moscow office buildings, adding to its portfolio of properties in Russia even as the economy slides towards its first recession in six years.

The Hines Russia & Poland Fund acquired Metropolis Office Buildings I and III in northern Moscow jointly with Czech billionaire Petr Kellner's PPF Group, according to a statement. Hines, which already co-owns the neighbouring Metropolis shopping mall, agreed to buy one of the office buildings in March, a company representative said at the time.