Finnish Sponda sells mall in Moscow for $11 m

Finnish Sponda sells mall in Moscow for $11 m
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Sponda, a Finnish investment company, has sold “Solnechny-1” mall located in the west of Moscow, says the press release of Colliers International, which acted as the transaction consultant.

The transaction value is approximately $11 m.

As a reference, the mall with a total area of 11,650 sq.m was built in 2004.

The buyer of the object is IT Development.

“Mall selling transaction is a part of the Sponda company strategy on realization of its assets in Russia”, - says the document.

In 2013, Sponda announced its intention to leave Russian market and sell all its Russian assets due to the change in the development strategy.

Sponda owns and rents out commercial premises in Finland and Russia. The company’s assets cost approximately 3,7 bln euro.