Vienna-listed real estate group Immofinanz has announced the completion of the takeover of the remaining 50% of the Golden Babylon Rostokino shopping centre in Moscow. The buy-out of the stake held by joint venture partner Patero was finalised on 16 May after the deal was approved by Russian antitrust authorities.
Vienna-listed real estate group Immofinanz has announced the completion of the takeover of the remaining 50% of the Golden Babylon Rostokino shopping centre in Moscow. The buy-out of the stake held by joint venture partner Patero was finalised on 16 May after the deal was approved by Russian antitrust authorities.
Immofinanz and Patero agreed not to disclose the purchase price.
The Golden Babylon Rostokino shopping centre was developed as a joint venture with Patero, a local firm, and opened in November 2009. It is Immofinanz's most profitable shopping centre.
In order to repay the development financing provided by the parent company, Immofinanz concluded a long-term financing agreement with the Russian Sberbank in March that covers a maximum volume of $715 mln (EUR 560 mln).
Golden Babylon Rostokino is located in the densely populated Sviblovo district of Moscow. With roughly 168,000 m2 of rentable space and 241,000 m2 of total space, it is one of the largest shopping centres in Continental Europe.
