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A major Israeli developer is selling off real estate assets and exiting Russia

21 Sep, 2023
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A major Israeli developer is selling off real estate assets and exiting Russia

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The Israeli company Mirland Development, founded by the Fishman Group, may transfer a portion of its recent Russian assets with a total value of 5-6 billion rubles to an external company.

According to Kommersant, this concerns commercial real estate properties in Moscow and St. Petersburg, as well as a retail and entertainment center in Yaroslavl. The developer's office buildings are already being consolidated by Sberbank, and the land in St. Petersburg is with the Aquilon Group.

The Russian Federal Antimonopoly Service has announced that it has received requests for the acquisition of LLC "Avtopriority," LLC "Kreativkom," and LLC "Petra-8," without specifying the applicant. These structures were previously part of Mirland Development's portfolio. The company did not respond to the publication's inquiries.

Mirland Development was established in 2004 to carry out development projects in Russia. In 2006, it actively acquired land plots in Moscow and St. Petersburg, with plans to build 2 million square meters in the country.

For example, LLC "Avtopriority" holds a property with an area of 11,700 square meters in the Mirland business park in Moscow.

Meanwhile, "Kreativkom" is the developer of the "Zapadnaya Residenciya" cottage settlement in Odintsovo near Moscow, covering an area of 22.5 hectares.

And "Petra-8" currently holds 3.5 hectares for the construction of a retail complex.

The Odessa Journal

The Odessa Journal

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