Corteo Fashion Mall might be put up to auction in Q3’14

June 19, 2014. Sberbank is currently trying to sell the building of Corteo Fashion Mall in Yekaterinburg. There are several potential customers for the asset, yet the purchase and sale agreement or any other binding document has not been signed by any party so far, which is why the bank is willing to negotiate with other potential buyers, Sberbank of Russia’s Ural branch’s press service informed UrBC.

It was announced in late September 2013 that WEDA Fashion Group had to put its shopping center up to auction because of the money it owed to Sberbank of Russia. The creditor’s claims amounted to 462.6m RUR and ˆ485,000. Rosselkhozbank demanded its loan (92m RUR) back at the same time.

The actual auction to sell the building of Corteo Fashion Mall has not actually been held yet within the framework of the enforcement proceedings, as the corresponding court ruling hasn’t yet been issued.

It was announced earlier that the opening bid for Corteo Fashion Mall would be set at 444.2m RUR, and the opening bid for the surrounding land allotment would be set at 14.2m RUR.

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