History
2022: VTB Capital Pension Reserve acquires Afimall City shopping center
Savings Plus, a former VTB Capital Pension Reserve LLC, becomes the owner of the Afimall City shopping center in Moscow. The Federal Antimonopoly Service (FAS) announced this on October 17, 2022.
The former VTB structure buys Bellgate Contracts Limited LLC, which manages the Afimall City shopping center. It is noted that the FAS has already approved the relevant transaction. The department believes that it will not in any way affect competition in the rental market and management of non-residential real estate in the capital.
{{quote 'There are a significant number of organizations in the capital that carry out similar activities. Thus, according to the service, the deal will not affect the state of competition in the rental and management of non-residential real estate in Moscow, the Federal Antimonopoly Service noted. }} Savings Plus LLC specializes in trust management of pension savings, pension reserves of non-state pension funds and property of mutual investment funds.
The mall is owned by Lev Leviev's AFI Development. Afimall City is the largest commercial property in the company's portfolio, according to Forbes AFI Development estimates, in 2021 it earned $135 million from renting all its properties. In 2016, Leviev reported on VTB's claims on loans to the company, then the parties agreed to restructure the loan.
Earlier, AFI Development announced a new restructuring of the loan. Belgate Contracts Limited has signed another loan agreement to refinance debt to VTB and pay off debt to the parent company.[1]
Notes
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