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Immofinanz runs from Russia

07 December 2017

Immofinanz runs from Russia
Immofinanz has sold all its Moscow properties to Fort
RUSSIA Immofinanz has concluded the sale of its retail portfolio Moscow to the Russian Fort Group and has now completed its exit from the Russian market.

“We repositioned the five Moscow shopping centres to reflect the changed market environment in Russia. That set the stage for the start of a multi-stage structured sale which has now ended with the transfer of the properties to the buyer“, commented Dietmar Reindl, COO of Immofinanz, on the transaction. The sale of the Moscow retail portfolio generates immediate net cash flows (after the repayment of existing debt financing) of RUB 5.0 bln (app. EUR 72.0 mln*). The purchase agreement also includes an additional guaranteed payment of EUR 14.5 mln in January 2022 and an earn-out of up to RUB 9.0 bln (app. EUR 129.6 mln*) based on the revenues from the shopping centres in 2021, which is also due in 2022. In addition, Immofinanz is to be reimbursed up to RUB 1.0 bln (app. EUR 14.4 mln) in tax returns.

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