Starr International Company Inc., headed by Maurice Greenberg., announced today it was part of a deal with a consortium to sell off a multi-use office development project on a tract in central Moscow for $900 million.
The New York-based private investment holding company said the 6.23-acre, four-building project in a prominent area of the city was sold to KanAm Grund Kapitalanlagesellschaft mbH, a German real estate investment fund group.
Jessica Anderson, a spokesperson for Starr, said the company had bought into the property that was sold in June of 2007 when construction was underway. The development is expected to be completed in mid-2009 when KanAm will take ownership of the buildings.
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