Hals-Development to Sell Business Center Worth $165M
- The Moscow Times
- Aug. 05 2013 19:21
- Last edited 19:21
Hals-Development is looking to sell its 20-thousand-square-foot business center Danilovsky Fort for $165 million, Kommersant reported Monday.
The price is 1 1/2 times the capitalization of the entire company, which was valued at $110 million on the London stock exchange Friday.
The VTB-owned developer sent an offer to purchase to a number of investment funds, including Moscow-based Stone Hedge and the Austrian fund Immofinanz, two consultants in the real estate market said.
Yearly revenue from the building could be from $10 million to $16 million, estimated Konstantin Kavalyov, managing director of the consulting company Blackwood.