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Ducat Place III Being Sold

A vehicle of Boris Mints, owner of real estate investor O1Properties, has agreed to buy Ducat Place III, one of the most prestigious business centers in Moscow, from real estate company Hines for about $360 million, two sources said.

O1Properties, set up by former directors at Otkritie, is planning an initial public offering of its shares in the coming months, Reuters reported previously, aiming to raise about $500 million to invest in Moscow's booming commercial property market.

The property is home to a number of international banks and law firms. The deal was signed about a week ago but is not yet closed, the sources said.

(Reuters)

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