Citras (Watercolor Mall)

CITRAS LLC is engaged in rental and real estate management.

History

2023: The Russian family structure of the founder of Auchan and Leroy Merlin sold the shopping center Watercolor

In early July 2023, it became known that New Immo Holding, the Russian structure of the family of the founder of French retailers Auchan, Leroy Merlin and Decathlon Gerard Mulier, sold the Aquarel shopping complex in Pushkino near Moscow.

According to the Kommersant newspaper, the buyer was Bautsentr Rus, the store manager of the DIY retailer of the same name founded in Kaliningrad. Ceetrus (formerly New Immo Holding) announced the opening of the Watercolor complex in 2019. At the same time, it was said that the main tenant of the facility was Bautsentr, for which the site became the first hypermarket in the Moscow region.

Baucenter acquired the Watercolor Mall

The financial terms of the transaction were not disclosed. Market participants believe that we are talking about the amount of approximately 500 million rubles. It is also noted that the possibility of buying out the Bautsentrom shopping complex has been discussed since the construction of the facility with a rentable area of ​ ​ about 15 thousand square meters. According to available information, the conditions for the possible redemption of the complex were fixed in the lease agreement. The transaction is evidenced by the fact that the ownership rights of Bauzentr to Watercolor are registered in Rosreestr. Buying retail space will reduce rental costs.

Kommersant notes that New Immo Holding could have decided to sell the Aquarel shopping complex in order to deduct operating costs. Evgenia Khakberdieva, director of the retail real estate department at NF Group, says that even before the events of February 2022, the company sold its assets.

Given that many foreign companies are trying to get out of part of Russian assets, the number of such transactions in the foreseeable future may increase again, "says Olga Antonova, partner of the Commonwealth Partnership.[1]

Notes