Helsinki-listed property company Sponda has sold a shopping centre and an office building in Moscow as part of the company's strategy to focus exclusively on the Finnish market.
Helsinki-listed property company Sponda has sold a shopping centre and an office building in Moscow as part of the company's strategy to focus exclusively on the Finnish market.
Sponda sold the Solnechniy II shopping centre and Bakhrushina House office building to Russian-registered company Horizon Properties for $46.6 mln (€41 mln). The investment volume reflects a $1.2 mln premium to the assets' market value at end-March 2015.
'We are pleased that we have been able to complete this transaction in spite of the challenging market situation,' said Sponda CEO Kari Inkinen.
Solnechniy II shopping centre was completed in 2005 and is located at 4B Vokzalnaya Street in the centre of Ramenskoe in the Moscow region. The shopping centre provides 6,500 m2 of leasable retail premises and a parking facility that can accommodate 110 cars. The shopping centre is fully leased.
Bakhrushina House office building is located at 32 Bakhrushina Street in the centre of Moscow. The office building was completed in 2002, an provides almost 4,000 m2 of fully let space.
Sponda has dropped its international ambitions and currently focuses on developing and owning retail and office properties in the largest Finnish cities. The company had some €3.1 bn of assets under management at end-March 2015.
As part of the reorientation Sponda plans to have completely divested its holdings in Russia (€175 mln remaining), Finnish logistics properties and its shares in logistics business, Certeum, within four years.
