The construction of the Russia Tower, which on completion is set to be the eighth-tallest building in the world, was recently halted after the developer came up against financing problems amid the global credit crunch.
Sibir Energy will pay Chigirinsky $127 million, and take on $213 million of the entrepreneur's debt.
Chigirinsky's real estate assets to be purchased by Sibir Energy also include an A-class office building in central Moscow; a multi-functional office complex in Mitino, northwest Moscow; the projects of the New Holland artificial triangular island and the Passage luxury retail arcade in St. Petersburg; the Tea Factory office and residential compound in Irkutsk in East Siberia; land sites covering over 400 hectares in Russia's westernmost exclave of Kaliningrad; and 118 hectares in central Russia.
Sibir will request a general meeting of its shareholders to approve the acquisitions, the company said.
