Pepeliaev Group has successfully completed a project in which the law firm challenged the cadastral value that had been set for the premises of the Central Children's Store on Lubyanka. The project was ongoing for over a year, coming to an end when the Moscow City Court adopted its decision on case No. 3-0075/2015. That decision recently came into legal force.
The cadastral value for the premises of the famous store was unreasonably high. Moreover, the cadastral value for one of the premises was more than two and a half times greater than the cadastral value of the actual Central Children's Store building itself.
The outcome of the court proceedings was that the cadastral value was cut several fold. This substantially reduced the amount of the tax base for corporate property tax, helping the company to make significant savings.
Our lawyers represented a French multinational group, the second biggest worldwide brand portfolio of luxury, sport & lifestyle divisions and retail brands, in a transaction to lease 2,000 sq. m. of retail premises in extremely close proximity to the Kremlin.Among the tasks our team had to accomplish was full transactional support , including for the subsequent renovation of the facilities before the store opened.