The Austrian Immofinanz AG has postponed the merger with CA Immobilien Anlagen AG (CA Immo) due to Russian bills separation, Immofinanz report said.
“The reason is the planned separation of the real estate portfolio of the Immofinanz Russia, which is a condition of the merger of the two companies. The Management Board and Supervisory Board of Immofinanz AG today decided to schedule a longer period than it was initially expected to complete the process of separation of the Russian operations. Recent stabilization of the economy in Russia contributed to this decision”, — the press release stated.
The application process for the sale of the Immofinanz’s shopping centers in Moscow is scheduled for early 2017.