Stockmann will sell the last asset in Russia

Finnish retailer Stockmann has put on the sale of his last asset in Russia — Mall “Nevsky center”, which nine years ago invested $250 million Sale of the building, in the best case, will only allow you to return the investment

Shopping center “Nevsky center”, located at the intersection of Vosstaniya square and Nevsky Prospekt in Saint-Petersburg, may soon change the owner. The company Stockmann, which owns the facility, put it up for sale, told RBC a source close to the deal. Square nine Mall is 97 thousand square meters, of which leasable area is 44.7 thousand sq. m. Finnish retailer was opened shopping center in November 2010. Then the company said that the volume of investments amounted to 185 million euros (about $250 million at the exchange rate of November 2010).

Aktiv is the latest in the portfolio Stockmann, who a year ago announced the sale of all of its Department stores in Russia. For the lease of five Finnish stores network in Moscow and one in St. Petersburg and Yekaterinburg, Reviva Holding Yakov Panchenko paid 5 million euros. After the transaction, in the ownership of Stockmann remained only the building of Nevsky centre in St. Petersburg. However the search for buyers of the facility was conducted for some time on non-market basis, the Director of the Department of capital markets and investments at CBRE Iryna Ushakova.

In the current market conditions and the shopping center “Nevsky center” could cost $190 million-$240 million rubles, according to commercial Director of AVICA Petr Isaev. An asset is hardly worth more than $150 million 10 billion Roux partner, head of office Agency Department of Cushman & Wakefield Michael Mindlin “Is one of the best trading assets in St. Petersburg and subject to the involvement of the management of a professional management company, it can become the main trading center of the Northern capital, surpassing the TRC “Gallery”, which is now competing for the similarity of concepts”, — said Isayev.

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