PPF Real Estate acquired “Nevsky Centre”
PPF Real Estate signed an agreement with Stockmann plc on acquiring the “Nevsky Centre” shopping mall in Saint Petersburg. The transaction value was EUR171mil. The deal will be closed until the end of the year.
“We are glad to announce that after continued negotiations we’ve reached an agreement with Stockmann Company on acquisition of this asset. This transaction is an important step in PPF Group’s continuous implementation of the long-term business strategy aimed at developing and strengthening our business in Russia, where the company has been successfully operating for over 20 years”, stated public relations Director of PPF Real Estate Russia, Vitaly Krasnyuk.
“Nevsky Center” is to be the third commercial real estate asset under the management of PPF Real Estate in Russia, along with Yarmarka shopping and entertainment center in Astrakhan city and M5Mall center in Ryazan city.