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O1 Group sells interest in developer business to advertising firm

Russian investment group O1 agreed to sell its stake in O1 Properties, one of Russia's largest commercial property owners, to advertising firm Laysa Group, Reuters reported, citing a company statement.

As part of the deal, Laysa Group will repay O1 Group's debt to the Credit Bank of Moscow, of roughly 25 billion rubles.

According to the report, O1 Properties owns 15 business centers in Moscow, worth more than US$4 billion.

Bagrat Gazaryan, director of Summa Group's Transengineering, will take over as head of O1 Properties from Boris Mints, who will remain chairman of the board.

As of March 5, US$1 was equivalent to 56.69 Russian rubles.