Shopping and entertainment center “Zolotoy Vavilon”
Photo: Valery Matytsin/TASS
Company Immofinanz, which owns shopping centers “Golden Babylon” and “Hudson”, choose a commercial adviser for the sale of Russian assets. It is assumed that your property will she sell as one lot
As the newspaper “Kommersant” , citing sources in the market, the Austrian company Immofinanz inclined to sell commercial property as a single lot worth about 70 billion rubles, or about €1 billion.
The Austrian company confirmed the fact that authorized CBRE to act as commercial Advisor to support the potential purchase procedures. Actual book value of the Russian facilities there are estimated at about €1.1 billion.
All Immofinanz in Russia five shopping centres in Moscow: three “Golden Babylon”, “Fifth Avenue” and “Hudson”. Because of the crisis and the revaluation of Russian assets by the end of 2014 financial year, the Austrian developer recorded a loss of €361 million against a profit of €72 million in the same period last year. In this regard, the company management decided to refocus on investments in Germany, Austria and Poland. Except Russian commercial real estate group plans to sell in Europe residential property which has already been allocated to the company Buwog.
Partner at Capital Global Partners Svetlana Kara estimates the portfolio of Immofinanz $835-890 million “to Find a buyer for the entire portfolio will be difficult, since the objects are of different quality. And investors who have the money to buy, prefer new objects,” she explains, adding that shopping centers Immofinanz need updating.