Swedish developer Bonava has partnered with Russian RBI group in St. terminated the previously signed agreement on the sale of assets in St. Petersburg. Instead, Bonava signed a new agreement with Armenian company Star Development. The company reported this as follows: Press release.
According to a press release from Bonava, the buyer received approval for the transaction from a special committee of the company. The Swedish developer expects the deal to be approved by the Russian anti-monopoly authority in the fourth quarter of 2023. Bonava announced that it has already received an advance payment of approximately 50 million euros from Star Development, and that the company expects a profit of approximately 550 million Swedish krona upon completion of the transaction.
In May, Bonava, St. He announced an agreement to sell assets in St. Petersburg to the RBI group for €3.3 billion, but the deal failed due to rejection of approval by the Bonava special committee. The Swedish developer announced that it was withdrawing from the Russian market in March. Negotiations with the RBI resulted in Bonava’s move to St. It was his third attempt to sell his St. Petersburg business.
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