2023-08-07 14:42

The largest warehouse owner in Russia has relocated to Abu Dhabi

The owners of Prestino Investments, which in 2022 acquired over 1.9 million square meters of warehouses throughout Russia from the British developer Raven Property Group, have changed the company's jurisdiction from Cyprus to the UAE.

The owners of the Cypriot company Prestino Investments, which has been owned by the Russian assets of Raven Property Group since last year, have re-domiciled to Abu Dhabi, according to Abu Dhabi's registration chamber data.

According to Abu Dhabi's registry data, on February 27, 2023, Raven Russia (Holdings) Cyprus Limited transitioned to the jurisdiction of the UAE capital and changed its name to Phoenix Property Group Limited. And Prestino Investments Ltd, in turn, also changed its jurisdiction to the UAE on February 13 of this year - its new name became Phoenix Real Estate Investment Holdings Limited.

Junior associate at UPPERCASE LEGAL, Tamrin Darbakov, commented on the opportunities that arise for British property owners after such re-registration.

According to Tamrin, re-registration can indeed provide a more attractive ownership structure for potential investors. However, mandatory discounts and commission requirements may still apply depending on the laws and regulations in place regarding asset sales.

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