5 February 2019
Clifford Chance advises IHI plc on the acquisition of a stake in a luxury hotel and residences project in Moscow
A team from Clifford Chance has advised IHI plc, owners of the Corinthia Hotels Group, on the acquisition related to the recently announced Corinthia Hotel & Residences project in Moscow.
IHI, in conjunction with a consortium of investors, has acquired the landmark property at 10, Tverskaya, Moscow’s principal avenue leading onto the Kremlin and Red Square. The property has a listed façade and houses the famous 19th century Filippov Bakery.
Further, permits in hand allow up to 43,000 sq. m. of development behind the retained frontage, as a result of which the consortium proposes to create a luxury Corinthia Hotel and branded serviced apartments. An element of high-end retail will also be featured on Tverskaya Street.
The Clifford Chance team was led by the head of corporate and real estate practice Marc Bartholomy, with the support of counsel Nick Diakoumis, senior associate Anna Krutik and associates Anastasia Ovchinnikova and Alexandra Kuznetsova.