“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.