At the end of the 2016 financial period, Austrian developer Immofinanz reduced rental income in Russia by 11.9%, compared to the same period in 2015, from 56,9 million to 50,1 million euro.
The reduction is due to lower rates for tenants in Moscow shopping centers and a reduction in the level of their occupancy, the developer said.
In December last year, the Executive Board and Supervisory Board of Immofinanz AG approved the purchase or transfer of its Russian business into a separate company. According to the company's report, Russian business was included in a section titled “discontinued operations”.
The loss amounted to 208,8 million euro compared to 211,2 million euro a year earlier, reflecting the still difficult situation on the Russian market.