Corteo Fashion Mall sold for 232m RUR

UrBC, Yekaterinburg, September 21, 2015. Corteo Fashion Mall was recently sold for 232m RUR, UrBC’s own source reports.

‘The auction went through, with Moscow-based Bonus Plus proclaimed the winning bidder. The purchase and sale agreement is expected to be signed soon,’ Sberbank of Russia’s Ural branch reports.

Corteo Fashion Mall was set up in 2005 as a premium-class shopping mall. The place had to be closed down seven years later, and the building was handed over to Sberbank to cover debts. The mall’s former proprietor, Kompaniya Stroymaster 3000, currently owes its creditors over 400m RUR.

The buildings has been put up to auction several times before. To make the lot look more investor-appealing, Sberbank decided in January 2015 to reduce the opening bid from 444.2m RUR down to 390m RUR, but to no avail. In April, the price was brought down to 310m RUR and then down to 279m RUR, with no result.

The auction held in July 2015 was not a success since no bids had been submitted. In the end, the building was put up to auction as a single lot of 279m RUR.

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