FBK accomplished an assessment of the Evolution Tower
Date of publication
05.10.2016
Investment and Construction Consultancy team accomplished a comprehensive engagement including technical and costs assessment of the Evolution Tower of the Moscow International Business Center Moscow City.
The scope of the engagement included, among other things, assessment of conformance of the building with the design specifications, identification of deficiencies, calculation of rectification costs, as well as other works to bring the building in conformance with the planned design. The new owner of the building included rectification costs into the final settlements with the developer.
As commented by
Igor Sadovnikov, Director of Investment and Construction Consultancy at FBK, the acquisition of the Evolution Tower is one of the largest acquisitions of a stand-alone property item in Russia. By being part of such a large-scale project, Sadovnikov says, we acquired unique expertise and experience, moved on to a higher level of efficiency in terms of work planning as well as work implementation.
He went on to add, “We’ve worked closely with the buyer PJSC Transneft and with the seller and developer, whereby the goals of both parties to the deal were totally opposite. Nevertheless, we did well to prove independence and impartiality of our assessments.”
The Evolution Tower is a multipurpose skyscraper located on the territory of the Moscow International Business Center. It’s estimated by real property market experts that it is one of the most expensive buildings in Moscow with a value of nearly $ 1 bln.