The IG Finance Development Limited agreement has been closed and entered into force.

Against the backdrop of a full-scale Russian invasion of Ukraine and sanctions that are being imposed against Russia, the Danish logistics giant Maersk has announced that they are leaving the market.

According to the company's official press release, Maersk has agreed to sell its logistics facilities in the Russian Federation - in St. Petersburg and Novorossiysk - to IG Finance Development Limited.

"Maersk has entered into an agreement to divest its logistics sites in St. Petersburg and Novorossiysk to IG Finance Development Limited. Maersk divesting the two sites is a consequence of the company’s decision made in March 2022 to discontinue activities in Russia."

The inland depot in Novorossiysk is a facility of 28,750 m2 with a capacity of 1,500 containers (TEU) and specializes in handling commercial cargo such as grains from railway wagons to sea containers. The chilled and frozen warehouse in St. Petersburg is a 23,500 m2 established in 2020.

The transaction has obtained the needed regulatory approvals in the EU and Russia, and upon acquiring the facilities IG Finance Development Limited has made an agreement with Arosa, a large food importer in Russia, to operate the sites in St. Petersburg and Novorossiysk.

As no further approvals are needed, the divestment is closed and effective as of 17 February 2023.