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Immofinanz sells Russian portfolio

Eurobuild CEE 13 November 2017
Immofinanz sells Russian portfolio

RUSSIA Immofinanz has siold five shopping centres in Moscow to Fort Group for EUR 226 mln net (EUR 901 mln including EUR 675 mln of debt).

The closing is expected by the end of December 2017 contingent upon fulfilment of customary closing conditions, including the refinancing of the portfolio by the buyer. Fort Group owns eleven shopping centres in St Peterburg and with this acquisition is now extending its activities to Moscow.

On June 30th this year, the retail portfolio Moscow had a loan-to-value ratio of 69.1 pct. If Immofinanz had held onto the centre, it would have required an outflow of EUR 250 mln in debt servicing and repositioning costs. “This transaction will immediately recover equity and significantly reduce our financial liabilities and average financing costs,“ commented Oliver Schumy, the CEO of Immofinanz.

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