O1 Group has purchased a new share issue of Vesper, a company specializing in premium residential projects, including renovation of historic buildings. The transaction amounted to $100 million, O1 Group informed.
O1 Group will own a 70% stake in Vesper with the remaining 30% being retained by the founders of the company - businessmen Boris Azarenko and Denis Kitaev. The investment will form part of Vesper's equity capital and will be used towards new projects.
Vesper's portfolio includes a number of premium club format developments in the center of Moscow, such as Gulrich House in Prechistenskiy Lane, Bulgakov in Patriarshiye Ponds (Patriarch's Ponds), St. Nickolas on Nikolskaya Street and a new project in Kursoviy Lane. According to the estimate by Knight Frank, consultants to the transaction, at the time of purchase the company's portfolio was valued at $60 million.
O1 Group is a private holding company founded by Boris Mints in 2004. Today, O1 Group owns a portfolio of commercial real estate, industrial and financial assets.