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Immofinanz in advanced talks with bidder for sale of Moscow retail portfolio

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Immofinanz in advanced talks with bidder for sale of Moscow retail portfolio

IMMOFINANZ AG said it is in advanced stages of negotiations with a bidder for its portfolio of five shopping centers in Moscow.

The finalization of key conditions remains pending with the bidder, who is joined by other prospective buyers who are also in the running for the portfolio, according to a release.

Meanwhile, an Oct. 5 report by Reuters noted Russian company Fortgroup is close to signing a preliminary agreement for the acquisition of the retail portfolio, according to two sources familiar with the discussions, and they know that no other short-listed bidders were left in the race.

However, Fortgroup co-owner Maxim Levchenko was quoted by the news outlet as saying that he is not aware of any ongoing deals with the Austrian company, and Fortgroup is "looking at all assets on the real estate market."

The company aims to off-load the Russian assets by 2017-end, as the sale of the properties serves as a precondition for its proposed merger with CA Immobilien Anlagen AG. IMMOFINANZ's Russian portfolio was valued at approximately €976 million, as at June 30, plus €674.7 million of debt, according to the report.