Immofinanz Group has announced it has signed an agreement for the purchase of the remaining 50% stake it does not own in the Golden Babylon Rostokino from the co-owner Patero. The Golden Babylon Rostokino mall in Moscow was developed as a joint venture with Patero, a local firm, and opened in November 2009. No financial details were disclosed. The closing is expected to take place in mid-May.
Immofinanz Group has announced it has signed an agreement for the purchase of the remaining 50% stake it does not own in the Golden Babylon Rostokino from the co-owner Patero. The Golden Babylon Rostokino mall in Moscow was developed as a joint venture with Patero, a local firm, and opened in November 2009. No financial details were disclosed. The closing is expected to take place in mid-May.
In a press announcement, the company's CEO Eduard Zehetner said the full takeover of the Golden Babylon Rostokino would double the rental income from its most profitable shopping centre. 'This is an important milestone for the Group. This additional income will significantly strengthen the earnings generated by our asset management business. We will also move a major step closer to our goal of increasing EBITDA to EUR 600 mln by 2012/13,' he added.
The Golden Babylon Rostokino shopping centre is located in Sviblovo, a densely populated district in Moscow. With 168,000 m2 of rentable space and 241,000 m2 of total space, it is not only a flagship for the Moscow retail sector but also one of the largest shopping centres in Continental Europe. International retail chains include Media Markt, H&M, Inditex (Zara, Zara Home, Bershka), a Castorama building materials outlet, the Finnish department store Stockmann and the Russian food hypermarket O’key.
The shopping centre currently has an occupancy rate of roughly 95%.
The transfer of the remaining shares in Golden Babylon Rostokino is contingent upon the fulfilment of several conditions precedent, including the approval of the Russian antitrust authorities.
