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IMMOFINANZ completes exit from Russian market

IMMOFINANZ AG completed the sale of its retail portfolio in Moscow to the Russian FORT Group, marking its exit from the country.

CEO Oliver Schumy said in a release that following the sale, the company's office and retail asset classes are now focused on the western European markets of Germany and Austria, as well as central and eastern Europe.

The transaction generated immediate net cash flows of 5.00 billion rubles. The deal also includes a further guaranteed payment of €14.5 million in January 2022 and an earn-out of as much as 9.00 billion rubles, also due in 2022.

As of Dec. 6, US$1 was equivalent to 59.13 Russian rubles.