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The ‘historic champion’ of Russian real estate, Baker & McKenzie – CIS, Limited’s practice benefited the most from the firm’s extensive raid on PricewaterhouseCoopers CIS Law Offices BV, with two real estate partners coming on board including the highly regarded Konstantine Kouzine. The ‘extremely active’ team advised KanAm Grund Kapitalanlagegesellschaft on its acquisition of the Citydel Business Centre in Moscow from Patmian Investments; Eurasia Logistics on a $743m credit facility from Eurohypo to finance the construction of the ‘North Domodedovo’ Class A logistics complex; and KPMG on its leasing of 30,000 sq ft across ten floors in the Naberezhnaya Tower complex in Moscow. Maxim Kalinin handles real estate work from the firm’s St Petersburg office.

CMS’ new, combined real estate and construction group is led by Steven Shone, ‘a devoted practitioner’ and financing ‘genius’ with experience that spans the breadth of central and eastern Europe. The firm lost two partners – Falk Tischendorf and Eugen Zentner – to Beiten Burkhardt, although the blow was softened by Thomas Heidemann’s move in the other direction. Recent highlights for the team include advice to a Russian developer on the $350m forward sale of a shopping centre in Moscow; a European investment fund on the $315m sale of residential property; and RREEF on acquisitions throughout Russia, including St Petersburg.

Led by Marc Bartholomy, Clifford Chance’s practice has been increasingly focusing on construction following the sharp decline in the real estate acquisition market. The firm advised Eurohypo on the €380m financing of the ‘Metropolis’ Class A mixed use development and continued to act for Gazprom Neft on the construction of the ‘Gazprom City’ Okhta-Centre project in St Petersburg. Other clients for the team, which include real estate finance specialist Jared Grubb and highly regarded counsel Torsten Syrbe, include Morgan Stanley.

Linklaters CIS has a fantastic name for corporate real estate, with team head Xavier Hunter ‘a genuine superstar’. The firm advised Raven Russia on leasing in relation to its portfolio; Ivanhoe Cambridge on its acquisition of the ‘Vremena Goda’ shopping centre in Moscow through a joint venture with Europolis; and AIG/Lincoln on a range of issues, including the establishment of a joint venture for the development of a 240,000 sq m Class A mixed-use complex in Moscow. ‘The quality of their work and clientbase is hard to fault’, and counsel David Harpum is also recommended.

Real estate is the main area of focus for Norton Rose (Central Europe) LLP’s ‘extremely savvy’ Moscow managing partner Valentina Gluhovskaya. The firm advised Baker & McKenzie – CIS, Limited and its client Jet Aviation on lease agreements for Vnukovo airport in Moscow, and BS Aricole on its sale of a land plot and related real estate objects in Moscow. Other clients for the ‘broad’ practice, which also covers contentious real estate matters, include Bayer, Parkridge Holding and TriGranit Development. Of counsel Marina Youdova is recommended.

Led by Vitaly Mozharowski, Pepeliaev, Goltsblat & Partners’ ‘deep knowledge and understanding of the local issues’ makes it a great choice for Russian real estate work. The 18-lawyer team recently advised Tomilino Logistic Park in five forward financing deals and the sale of warehouse facilities; Sheremetievo International Airport on a $222m terminal reconstruction; and The Olympic Corporation on land issues relating to the Sochi-2014 Winter Olympics.

Co-led by Anna McDonald and Andrei Soukhomlinov, Salans has continued its policy of aggressive expansion with the hires of Florian Schneider and Roman Kozlov from Beiten Burkhardt, who joined with a seven-fee-earner team. The ‘incredibly active’ firm also hired Bouyguesstroi legal head Xavier Poulet-Mathis, who joined as co-head of the firm’s global construction practice. Recent highlights for the newly bolstered team include advising Raven Russia on its $216m acquisition of a warehouse complex near St Petersburg; Europolis on its joint acquisition with Ivanhoe Cambridge of the ‘Vremena Goda’ shopping centre in Moscow; and Marbleton Property Fund on its acquisition of a shopping centre in St Petersburg.

White & Case LLC’s practice is led by developer specialist Eric Michailov and office chair Hermann Schmitt, who focuses on advice to real estate investment funds. The firm advised Capital Partners on a €380m financing from EuroHypo for the development of the Metropolis mixed-use project in Moscow, City Developments Limited on its $125m joint venture with the Amtel group that owns the Iris Congress Hotel in Moscow, and Patmian Limited on its $600m sale of the Citydel shopping centre in Moscow to German real estate fund KanAm. Steffen Kaufmann is also recommended.

Baker Botts L.L.P.’s real estate practice is based on its relationship with Hines, with 2008 seeing the firm advise Hines International and Hines International Real Esate Fund on a number of multimillion dollar real estate land acquisitions, and related development joint ventures, in relation to the development of office, residential, retail, warehouse and mixed use space in Russia. The team is led by partner Simon Elliott.

Led by Sergey Koltchin, DLA Piper’s practice was boosted by the hire of legal director Svetlana Kislitsyna from Beiten Burkhardt. The firm advised Manezhnaya Square Holding on its acquisition of Seventh Continent; PIK Group on its acquisition of land plots in the Marine Façade project in St Petersburg; and Interstate Hotels and Resorts on hotel management contracts. Scott Antel is one of Moscow’s leading hospitality lawyers, while real estate is also an areas of focus for the firm’s St Petersburg office managing partner Olga Litvinova. Other clients for the team – which is praised for its ‘excellent work and fair rates’ – include BPT and Intercontinental Hotels.

Led by ‘experienced, intellectual and extremely knowledgeable’ team head Olga Kozyr, Hogan & Hartson LLP advised Sibirstroyinvest on the $50m construction of a Class A office centre in Novosibirsk, and longstanding client Mirland Development on a number of issues, including the negotiation of $500m agreements for the construction of a residential quarter in St Petersburg.

2008 saw Lovells CIS advise Marriott Group on management of its Russian hotel portfolio, and Discover Russian Realty on a 110,000sq m Moscow hotel and office development project, and the $950m forward sale of four Class A office buildings to KanAm Grund Kapitalanlagegesellschaft. Team head Taras Oksyuk has been promoted to consultant.

Squire, Sanders & Dempsey (Moscow) LLC’s real estate head Dmitry Kunitsa is a ‘well-known figure in the market’. The practice primarily acts for institutional and private investors on cross-border real estate transactions and financings.

Allen & Overy Legal Services hired two associates from top tier practices: Eugenia Bektasheva from CMS and Anna Sitas from White & Case LLC. The firm has particular expertise in real estate finance, and recently advised RosEuroDevelopment on the development of the $500m Novosibirsk Tehnopark.

Led by Irina Anyukhina, Alrud Law Firm advised OTP Bank on four property financings with an aggregate value exceeding $200m. The firm continues to advise Auchan on its construction of trade centres throughout Russia.

Beiten Burkhardt suffered a major blow with the loss of Florian Schneider and Roman Kozlov’s team to Salans. Natalia Wilke, managing partner of the firm’s St Petersburg office, is recommended.

Another new entrant, Chadbourne & Parke LLP advised PIK Capital Partners on its potential acquisition of a shopping mall under construction on the Volga river, and PromSvyazNedvizhimost on its leasing agreements. Moscow managing partner Laura Brank and oil and gas specialist Shane DeBeer are both active in the sector.

Dewey & LeBoeuf LLP advised Victor & Co on a $200m loan facility, arranged by Eurohypo for the financing of the ‘Kosmoport’ shopping centre in Samara.

Led by Michael Schwartz, Freshfields Bruckhaus Deringer advised The Redwood Group as part of a consortium acquiring a Moscow real estate portfolio of more than 1,000,000sqm. The firm also handles infrastructure and PPP projects.

Gide Loyrette Nouel recently advised Malteurop on its acquisition of a malt plant in the Belgorod region. Associate Ekaterina Vilenskaya leads the team.

Entering the rankings for the first time this year, Herbert Smith CIS LLP advised CSFB on a $450m facility to a Russian developer, and First Quantum in connection with the ‘Marine Façade’ project in St Petersburg. Corporate partner Alexei Roudiak and tax specialist Oleg Konnov are both recommended.

PricewaterhouseCoopers CIS Law Offices BV saw highly regarded practice head Konstantine Kouzine depart to Baker & McKenzie – CIS, Limited as part of the US firm’s 22-lawyer raid. Evgeny Gouk and Daria Matveeva now lead the team.

Other key names in the market include Thomas Mundry at Nörr Stiefenhofer Lutz ooo, and Vegas Lex Law Firm’s real estate and construction head, Yuriy Borisenko.

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Legal Developments in Russia

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

  • Tax Reforms Towards the Creation of an International Financial Center in Russia

    In December 2009 the Russian Parliament adopted important changes further promoting the Russian holding companies regime. Starting from January 1, 2011 Russian holding companies will no longer be required to meet the present 500 million ruble threshold for investments made into companies qualifying as “strategic investments” to receive tax benefits.
    - Baker & McKenzie

  • Rules for Tender Selection of Joint Implementation Projects under Kyoto Protocol

    On October 28, 2009, the Russian Government adopted two enactments concerning joint implementation projects under the Kyoto Protocol to the United Nations Framework Convention on Climate Change (the "Kyoto Protocol") in the Russian Federation, namely:
    - Baker & McKenzie

  • Federal Law "On the Principles of State Regulation of Trading Activity in the Russian Federation"

    On 1 February 2010, the Federal Law "On the Principles of State Regulation of Trading Activity in the Russian Federation" (the "Law") comes into force, which will substantially change the rules applicable to trade activities.
    - Baker & McKenzie

  • New Rules for Issuing Domestic Secured Bonds In Russia

    Starting January 2010, amendments to Federal Law No. 39-FZ “On the Securities Market” dated 22 April 1996 entered into force, affecting the issue of domestic bonds by Russian issuers. The new rules will apply to all domestic bond issues to be placed in the market after 31 December 2009.
    - Baker & McKenzie

  • 2010 quota for foreign workers distributed. List of quota-exempt professions for 2010 approved.

    In accordance with the order distributing the 2010 quota of work permits, a fixed number of work permits can be issued in each Russian region to work in different professions. Thus, for example, for Moscow the general quota for all professions is established at 250,000 work permits (which is considerably less than in 2009), and for St. Petersburg – 210,066 work permits.
    - Baker & McKenzie

  • Formation of the Customs Union of Russia, Belarus and Kazakhstan

    Russia, Belarus, and Kazakhstan will adopt new unified customs tariff and non-tariff regulations from January 1, 2010, and the Customs Union (the “CU”) of the three countries of the Eurasian Economic Community (the “EurAsEC”) will become a reality. The CU Customs Code (the “Customs Code”) is expected to take effect from July 1, 2010 to regulate the resulting integral customs zone.
    - Baker & McKenzie

  • New developments in Russian legislation on saving energy and increasing energy efficiency

    Federal Law No. 261-FZ “On Saving Energy and Increasing Energy Efficiency, and on Amendments to Certain Legislative Acts of the Russian Federation” came into force on November 27, 2009 (the “Law”), with certain provisions of the Law taking effect later. Changes to the Tax Code of the Russian Federation, for example, became effective on December 27, 2009, and those to the Code of Administrative Offences of the Russian Federation (the “Administrative Code”) take effect on June 22, 2010.
    - Baker & McKenzie

  • Changes re Criminal Liability and Prosecution of Tax Crimes

    On December 29, 2009 the RF President signed a law introducing important changes to criminal liability for tax evasion. It is established that a person violating the tax legislation may be relieved of criminal liability if the respective outstanding taxes and penalties connected to a crime are paid to the budget.
    - Baker & McKenzie

  • Revised Draft of the Law on Circulation of Medicines Prepared

    An amended version of the draft Federal Law "On Circulation of Medicines"  was placed on the website of the Russian Ministry of Healthcare and Social Development on December 3, 2009. The initial Draft Law was published on the same website on July 8, 2009, attracting much attention and criticism. Many suggestions were made to improve the initial Draft Law so as to ensure the effective functioning of the Russian pharmaceutical market. 
    - Baker & McKenzie

  • Development of anti-insider trading and market manipulation legislation in Russia

    Federal Law of the Russian Federation No. 241-FZ of 30 October 2009, "On Making Amendments to the Criminal Code of the Russian Federation and Article 151 of the Criminal Procedural Code of the Russian Federation" ("Law No. 241") was published on November 3, 2009.
    - Baker & McKenzie

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