23 Oct 2023 09:35

Buyer of Bonava's Russian assets owned by FSK Group president Voronin

MOSCOW. Oct 23 (Interfax) - The ultimate owner of Swedish developer Bonava's Russian subsidiaries after the completion of their sale will be FSK Group president Vladimir Voronin, the group's press service told Interfax.

"Star Development [which is buying Bonava's Russian operations] belongs to FSK Group president Vladimir Voronin. The development and expansion of the real estate development business is part of our strategy," the company said.

Bonava announced last week that it has signed an agreement to sell its St. Petersburg operations to Armenian company Star Development LLC. Star Development has received an acquisition permit from the special committee established to oversee business transfers and the deal expected to be closed in the fourth quarter of 2023, Bonava said.

Bonava said in March 2022 that it would cease operations in Russia and in October 2022 the company said it planned to sell its subsidiaries in the country to Kazan-based developer G-Group for 98 million euros, but in December G-Group pulled out of the deal. At the time of signing the agreement with G-Group, Bonava had about 16 hectares of land in various parts of St. Petersburg.

Bonava announced at the end of May 2023 that it had reached an agreement to sell its Russian assets to RBI Group in a deal that could have totaled 3.3 billion rubles (equivalent to SEK440 million). However, RBI Group did not receive an acquisition permit from the special committee established to oversee business transfers within the agreed timeframe, so the contract was terminated.

Bonava, established in the spring of 2016 as a result of the spin-off of NCC's residential construction business, has operations in Sweden, Germany, Finland, Denmark, Norway, Estonia and Latvia. In Russia, Bonava had residential development projects in St. Petersburg and Leningrad Region.

FSK Group, founded in 2005, develops and builds residential and commercial real estate, including in Moscow, Moscow Region, St. Petersburg, Leningrad and Kaluga regions and Krasnodar Territory. The group's revenue exceeded 174 billion rubles in 2022.