“Pulkovo Sky”, one of the largest business centers in St. Petersburg, from Finnish shareholders EKE Finance Oy (60%) and Vicus Oy (40%). The total sum of the transaction is not being disclosed.

The deal was advised by IBC Real Estate. “Pulkovo Sky” is a class-A premium business center with a total area of 76,000 sq. m

“Despite its turbulence, the Russian investment market is still very dynamic. We believe in its potential and we continue to increase our exposure in Russia. Commercial real estate, especially premium properties such as “Pulkovo Sky”, remains a reliable sector with high investment attractiveness. We approach this deal as a strategic investor and this purchase has great significance for us. We hope to further broaden our portfolio as we continue to consider other high growth projects,” commented the head and founder of Balchug Capital, David Amaryan.



“Pulkovo Sky” business center is the largest class-A office building in St. Petersburg, which was constructed by a Finnish developer, and is renowned for its exceptional quality, excellent location in terms of transport accessibility and infrastructure reach, and has high investment attractiveness. We are sincerely glad that this unique asset now belongs to the portfolio of a reliable owner, and we congratulate Balchug Capital on the acquisition of one of the best office properties in the Nothern Capital of Russia!”, said Mikael Kazaryan, Board Member, Head of Capital Markets and Investments at IBC Real Estate.

Balchug Capital is a leading emerging markets investment manager specializing in value and event-driven strategies. The Firm was founded in 2010 by David Amaryan, who serves as Chief Executive Officer and oversees all investment activity. David is an accomplished investment manager and emerging markets specialist, with a successful career spanning two decades in various international financial institutions in Moscow and New York. David now lives and works in Armenia.