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Report: Morgan Stanley closing in on €181M Russian mall acquisition

Morgan Stanley has emerged as the only bidder for the Nevsky Center asset in St. Petersburg, from Finnish department store chain Stockmann, Reuters reported, citing two sources familiar with the talks.

Real estate investor Malltech reportedly withdrew from the tender for the shopping center which has a book value of €181 million, according to the Feb. 3 report.

Stockmann has been holding discussions with several parties for the sale of the center which could range between €160 million and €180 million, two sources told Reuters.

Colliers International is advising Stockmann.