Sweden's Bonava sells Russian business for EUR 50 mln

Bonava AB (publ)

14/11/2023 09:53

HELSINKI, Nov 14 (Reuters) - Swedish real estate company
Bonava  BONAVb.ST  said on Tuesday it has sold its Russian
business to Armenian peer Star Development for 50 million euros
($53.54 million).
    "With this transaction, Bonava has concluded all operations
in Russia," the company said in a statement.
    Exiting Russia became more difficult a year ago when the
Russian government demanded that companies sell their operations
for at least half price and claimed 10% of the sale for the
federal budget.
    The net assets of Bonava's Russian operation had been
written down to zero in the fourth quarter of 2022. Following
the sale, the company said it had reversed previous impairments
in the amount of 564 million Swedish crowns ($51.98 million).

($1 = 0.9340 euros)
($1 = 10.8494 Swedish crowns)

 (Reporting by Essi Lehto, editing by Terje Solsvik)
 ((essi.lehto@thomsonreuters.com; +358505412375;))