Change of owner of the banking and business centre under construction at 22-24 Ovchinnikovskaya Embankment is one of the largest transactions on Moscow commercial estate market.

The banking and business centre is at completion phase of its construction and is situated just in the centre of Moscow, in Zamoskvorechye - one of the most beautiful districts of Old Moscow - on the embankment of Vodootvodniy Channel.

A-class office building with gross area of 24,000 sq. meters is erected in compliance with high safety and reliability standards and equipped with the latest modern outfits. There are 14 overground and 2 underground floors in the building as well as underground parking, restaurant and cafeteria, helipad is also designed. Launch of the complex to operation is expected in the 4th quarter of this year. On the adjacent territory construction of the second stage of the centre is planned - four-storey building with the gross area over 14,000 sq. metres to be launched in the third quarter of 2005.

The purpose of this project for Platina Holding CB from the very beginning was in creation of a quality highly liquid asset that was successfully sold.

Platina CB was established in 1993 as the bank focused on work in different areas of financial market and designed for elite services to corporate customers. The Bank offers world class premium banking service. Number of major enterprises located in Moscow are among the Bank's clients.

Platina CB finances construction, communications, transport, agricultural production projects being a real venture investments centre. Besides, Platina Bank is a well-known advanced electronic technologies innovation activities centre. Thus, in 1997 the specialists of Platina Bank developed Cyberplat payment system which is currently the leader in the field of on-line payments for mobile services.

Perm Finance and Production Company OJSC (PFP-Group ) established in 1991 is a large investment holding.

PFP-Group has already purchased two operating A-class office buildings with gross area over 40,000 square metres in Moscow. Today PFP-Group owns real estate of gross area of 105,000 square metres, 65,000 square meters in Moscow and 40,000 square metres in Perm. The purchase of the object at 22-24 Ovchinnikovskaya Embankment with gross area over 38,000 sq. metres is one more important step towards implementation of PFP-Group's strategy for Moscow commercial estate high-performance portfolio formation.

International company Nights Frank and New Quality CJSC acted as consultants in the course of the transaction. Moscow Representative Office of White and Case LLC provided legal support of the transaction.