Swedish developer Bonava sold Russian business to G-Group from Kazan
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The Swedish developer Bonava has signed an agreement on the sale of business in Russia to the G-Group group of companies from Kazan. The deal should be completed within the next six months. About it reported Bonava press office.
According to the company’s press service, Bonava has signed an agreement with G-Group to sell its business. The transaction amount will be €98 million. It is expected that it will be closed within six months.
The press service noted that due to the exit from the Russian market, Bonava’s losses will amount to €27 million.
“The decision to leave Russia was taken in the light of the geopolitical situation. It was important for us to find a solution that takes into account the safety of our employees, our customers and the operation as a whole, and this sale took into account these factors, ”the press service quotes Bonava President and CEO Peter Wallin as saying.
Now G-Group owns the developer of residential real estate “Unistroy” and the developer of commercial properties UD Group.
Bonava is a Swedish developer. The company decided to stop working in Russia in March of this year after the start of military operations in Ukraine. Bonava was engaged in development in St. Petersburg, sales in Russia in 2021 accounted for 5% of the company’s total revenue for the year.
More details – in the material “Kommersant” “The Swedes retreat from the Neva”.
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