Armenian company buys assets of Swedish Bonava in St. Petersburg for €50 million

Bonava signed an agreement for the divestment of its St. Petersburg operations with the Armenian company Star Development LLC, bonava. com reported.

“Bonava has signed an agreement for the divestment of its St. Petersburg operations with the Armenian company Star Development LLC. The transaction amounts to approximately €50 million and Bonava has received the payment.

The buyer has received acquisition permit from the special committee established to oversee business transfers. Closing of the divestment is subject to the approval of the Russian competition authority, which is expected in the fourth quarter of 2023,” the Swedish company said in a statement.

In May, Bonava announced an agreement with the RBI Group on the sale of its assets in St. Petersburg. However, the potential buyer did not receive the permission of the special commission, so the contract with him was terminated.

Star Development has such permission. The Swedish assets were also claimed by the Kazan G-Group, but it withdrew from the deal.

Bonava operates as a developer of housing units in Sweden, Finland, Norway, Germany and the Baltic countries. The largest shareholder of the developer is the Swedish investment company Nordstjernan, which owns almost 25% of the capital.

Bonava had a land bank of about 16 hectares in St. Petersburg, on which approximately 230 thousand square meters of housing could be built.