June 1, 2017 / 9:05 AM / 6 months ago

CORRECTED-Immofinanz says wants to sell or spin off Russia assets by end-2017

(Corrects to say end-2017, not July)

VIENNA, June 1 (Reuters) - Austrian property group Immofinanz told shareholders on Thursday it plans to finish the delayed sale or spin-off of its Russia portfolio by the end of the year.

The move is a precondition of its planned merger with rival CA Immo.

Immofinanz plans to resume detailed merger talks with CA Immo, currently on hold until the Russia portfolio has been dealt with, in “late summer”, it said in slides presented to shareholders.

CA Immo has said Immofinanz must sell or spin off its five Moscow shopping centres, which have weighed on its results for years, or risk the collapse of the merger. (Reporting by Shadia Nasralla; editing by Francois Murphy and Jason Neely)

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