15 November 2026
Flagship research · 20 October 2026

Moscow land: why joint ventures are replacing outright sales

How land deal structures change when debt is expensive, and what works better for an owner: sell now, contribute land to a JV or wait.

Carte Capital Research · 8 min read

150bn RUB in projects and deals since 2005
50+transactions over 20 years
15+markets with investors and partners

Latest research

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Sale-leaseback · London · 2007–2008

Sale-leaseback of a bank's London headquarters: a record sale and a buyback eighteen months later

An international bank sold its London office tower for about £1.1bn and stayed as a tenant for 20 years. The buyer failed to refinance its bridge loan, and eighteen months later the bank took the building back at a discount of about 25%.

Carte Capital · 5 min read

Market in numbers

Q3 2026
Investment volume, 9M 840 bn RUB incl. land Deal history since 2000 →
Cap rate, offices 11–12% Moscow region
Land share of deals 33% of volume
Project debt rate 17–19% key rate 14% + 3–5 pp

Sources: consultants' data (volume and land share, 9M 2026; cap rate, H1 2026), Bank of Russia (key rate as of 23 Oct 2026).

Land and development Land sales, joint ventures with developers and the economics of waiting. 8 → International markets How investments in development and hotels abroad are structured: holding companies and project SPVs, taxes in Spain and Portugal, joint ventures with developers, financing, OpCo/PropCo and operator agreements, exit. Europe in detail, the UAE in brief. 1 → Offices Office markets in Moscow and Dubai, sale-leaseback and refinancing. 9 → Debt and mezzanine Senior, mezzanine and equity: what capital costs developers and owners. 9 → Hotels Hotels as an asset class: lease, management contract, franchise and OpCo/PropCo, the metrics behind value (ADR, occupancy, RevPAR, GOP, cap rate), the Russian and European markets and deals. 9 → UAE Dubai and Abu Dhabi: logistics, flex offices and ADGM structures. 3 → Cross-border capital How capital moves between Russia, the Middle East, Europe and Asia. 4 → Bonds vs Real Estate Which pays more: a bond or a flat to let. Yield waterfalls on live Moscow Exchange and Bank of Russia data. 0 → Real estate funds Russian closed-end real estate funds (ZPIF): who manages them, what they own, net assets, payouts and where the units trade. 0 → Real estate funds Which Russian mutual funds (PIF) suit real estate: buying and letting property, land deals, off-plan rights under 214-FZ and lending. Taxes on entry, holding and exit, and how the management company is supervised. 0 → Data centres Data centres as an asset class in Russia: market size and rack prices, who builds and operates, how much a megawatt costs and how fast it pays back. Moscow, the Moscow region, St Petersburg and sites next to power plants. 0 → Cost of capital What money costs in real estate: the Bank of Russia key rate and the ECB, government bond yields, the cost of debt and equity, cap rates, and how they change prices, leverage and deal structures in Russia and Europe. 0 → Coworking Flexible offices as an investment class: how an operator works with the building owner (lease, management agreement, revenue share), the economics of a desk, the Moscow and European markets, the main operators and deals, and the risks. 0 → Mezzanine capital The layer between the bank loan and equity: where mezzanine sits in the capital stack, what it costs, how it is secured and how developers use it in Russia and Europe. 2 →

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