Kopeyka sells property assets

2009-07-13



The Russian grocery retailer Kopeyka has put 49 of its unprofitable properties (warehouses, depositories, store premises) in Moscow and Nizhny Novgorod up for sale. It is estimated that the sale of these assets could generate up to $20m, which would then be re-invested into the opening of new stores. Kopeyka plans to open 50 new stores in 2009, financed by RUB 1bn ($32.3m) of the company’s own funds. The properties being offered for sale range in size from 30 m² to 10,000 m² or more.
In June 2008, Kopeyka had already sold 19 store premises to the Uralsib-Arenda fund for RUB 1.5bn ($48.4m), while other properties were used as a guarantee to secure a RUB 4bn ($129.2m) loan from Sberbank.
Kopeyka operates 525 grocery stores in Russia.