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BRIEF-Immofinanz closes Russia assets sale to Fort Group
December 7, 2017 / 7:00 AM / 6 days ago

BRIEF-Immofinanz closes Russia assets sale to Fort Group

Dec 7 (Reuters) - Immofinanz Ag:

* ‍IMMOFINANZ HAS SUCCESSFULLY CONCLUDED SALE OF ITS RETAIL PORTFOLIO MOSCOW TO RUSSIAN FORT GROUP​

* ‍SALE OF RETAIL PORTFOLIO MOSCOW GENERATES IMMEDIATE NET CASH FLOWS (AFTER REPAYMENT OF EXISTING DEBT FINANCING) OF RUB 5.0 BILLION (APPROX. EUR 72.0 MILLION*)​

* ‍PURCHASE AGREEMENT ALSO INCLUDES AN ADDITIONAL GUARANTEED PAYMENT OF EUR 14.5 MILLION IN JANUARY 2022 AND AN EARN-OUT OF UP TO RUB 9.0 BILLION (APPROX. EUR 129.6 MILLION*) BASED ON REVENUES FROM SHOPPING CENTERS IN 2021​

* ‍IMMOFINANZ CAN PARTICIPATE WITH UP TO RUB 1.0 BILLION (APPROX. EUR 14.4 MILLION*) IN POSITIVE OUTCOME OF CURRENT TAX REIMBURSEMENT PROCEEDINGS​ Source text for Eikon: Further company coverage:

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