Sale-leaseback of a Moscow business centre: capital without a move
The owner of a class B office building of about 5,000 m² sold it to a leasing company and stayed on as a tenant.
Carte Capital · 3 min read
≈5,000 m²class B business centre
2022year of the deal
The idea
The owner occupied the building and wanted to release capital without moving out.
Structure
The building is sold to an investor and the former owner stays as a tenant under a long-term lease. The buyer was a leasing company.
Parties
| Party | Role |
|---|---|
| Building owner | seller and tenant |
| Leasing company | buyer and landlord |
Risks
- Rent and price are linked: a high price means expensive rent for the whole lease.
- The tenant should agree renewal and buyback rights up front.
Lessons
The deal closed in 2022. The owner raised capital and kept its premises; the investor gained a let building. How the structure looks in a large international deal and where it is weak: Sale-leaseback of a bank’s London headquarters.