Vienna-based Warimpex has sold 25% of the shares in Avielen, the company developing the Airportcity project in conjunction with St. Petersburg Airport, to CA Immo International. The multi-use project will comprise a four-star 300-room Crowne Plaza hotel as well as three office buildings with about 40,000 m[sup]2[/sup] of lettable space. The investment volume in the first phase of the project is about EUR 120 mln. An additional 50,000-60,000 m[sup]2[/sup] of office space is planned in the second phase and will bring the total investment volume to EUR 390 mln. St. Petersburg Airport holds a 15% stake in the project company.
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