Swedish Bonava terminated agreement with RBI and sells business to Armenian company

The Swedish developer Bonava terminated the agreement on the sale of assets in St. Petersburg to the local RBI group and entered into a new one with the Armenian company Star Development, should from a company press release.

It is clarified that the buyer received permission to acquire the assets from a “special committee” created to oversee the transfer of the business. Bonava expects the Russian antimonopoly authority to approve the deal in the fourth quarter. The Swedish company has already received a payment of about 50 million euros. Bonava added that the deal will generate profits of approximately SEK 550 million upon completion.

The fact that the developer has entered into an agreement with RBI Group, Bonava announced in May 2023. The deal did not go through because the group did not receive permission from the “special committee.” Then it was specified that the transaction amount would be about 3.3 billion rubles. (440,000 SEK).

The Swedish developer announced his departure from the Russian market in March 2022 and since then has been making his third attempt to sell his business in St. Petersburg. Early October 2022 Bonava reported, which will sell assets in St. Petersburg to the developer G-Group with an office in Kazan for 5.9 billion rubles. In November, G-Group announced its withdrawal from the deal due to the long time it took for it to be approved by the Russian authorities.

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