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TriGranit Exits Mall Project

By The Moscow Times

Hungary's TriGranit Development sold its 50 percent interest in the Mosaic shopping center project to companies associated with Pyotr Shura, owner of RGI International and Rusresorts, Vedomosti reported Monday.

Mosaic is planned to have an area of ​​134,000 square meters when it is built near the Avtozavodskaya metro station.

TriGranit acquired the share in 2008. The transaction was valued at $120 million to $130 million at the time, but the beginning of construction was prevented by the economic crisis. Shura paid no more than $40 million for the TriGranit share, Vedomosti said.

(MT)

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