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Immofinanz closes the sale of the Russian retail portfolio

Immofinanz has successfully concluded the sale of its retail portfolio Moscow to the Russian FORT Group. The transaction closed in St. Petersburg.

2017-12-07 11:40:23

As previously announced, Immofinanz has now completed its exit from the Russian market during the financial year 2017 in line with the corporate strategy.

"We repositioned the five Moscow shopping centers to reflect the changed market environment in Russia. That set the stage for the start of a multi-stage structured sales process which has now ended with the transfer of the properties to the buyer", said Dietmar Reindl, COO of Immofinanz, on the transaction.

The object of the sale is the Austrian holding company that contains all of the investments in the property companies which hold the retail portfolio in Moscow.

The Immofinanz portfolio with its office and retail asset classes is now clearly focused on the stable Western European markets of Germany and Austria and on the promising growth markets in CEE.

The sale of the retail portfolio Moscow generates immediate net cash flows of approximately 72 million Euro.



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