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Austria's Immofinanz close to agreeing Moscow mall deal-sources
October 4, 2017 / 3:07 PM / 14 days ago

Austria's Immofinanz close to agreeing Moscow mall deal-sources

MOSCOW, Oct 4 (Reuters) - Austrian real estate company Immofinanz is close to agreeing the sale of its Moscow malls to Russian company Fortgroup, three sources familiar with the talks said on Wednesday.

Immofinanz said this year it aimed to complete the delayed sale or spin-off of its Russia portfolio by the end of 2017 in a move which is a precondition of its planned merger with rival CA Immo.

Fortgroup, a St Petersburg commercial real estate developer, “has almost agreed” to buy Immofinanz’s Moscow malls, a source close to one of the parties to the talks told Reuters.

Two other sources familiar with the talks said Fortgroup was nearing a preliminary agreement on the deal and that they knew of no other contenders left on the short-list.

Immofinanz said the sale process was ongoing.

“Several interested parties continue to be in the sales process. We stick to our plan to separate from our Russia portfolio by the end of the year,” a spokeswoman said.

Maxim Levchenko, a co-owner of Fortgroup, told Reuters he was not aware of any agreements with Immofinanz. He said his company was “looking at all assets on the real estate market”. (Reporting by Olga Sichkar and Oksana Kobzeva in Moscow and Shadia Nasralla in Vienna; Writing by Maria Kiselyova)

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