Russian state-controlled Gazprombank sold 30% in Aviapark Mall, one of the largest commercial properties in Europe, Vedomosti daily reported on October 18 citing unnamed sources close to the deal.
Europe's largest mall boasting a spectacular floor-to-ceiling aquarium opened in Moscow in the worst point of the 2014 downturn, but the tide is turning as consumption is again expected to become the main driver of Russian economic growth.
Aviapark Mall Holdings restructured the debt to Gazprombank and exercised its option to increase its stake in the 400,000 square meter mall to 100%.
The ultimate beneficiaries of the deal are unknown, but previous unconfirmed reports pointed to Igor Rotenberg, the son of major "stoligarch" construction contractor and childhood friend of President Vladimir Putin Arcady Rotenberg.
Gazprombank granted over $560mn in loans to finance the construction of Aviapark. The amount of the deal was not disclosed, but the previous estimates valued the mall at $1bn.
In the meantime, since last year the owners of the mall have been looking for a buyer for 50% share in Aviapark to cut the debt burden with the funds raised. However, as the loan with Gazprombank was successfully restructured, the sale could be off the agenda.
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