March 6, 2018 / 8:36 AM / 12 days ago

Russia's O1 Group sells stake in O1 Properties to Laysa Group

MOSCOW, March 6 (Reuters) - Russian investment group O1 has agreed to sell its stake in O1 Properties, one of Russia’s largest commercial property owners, to advertising agency Laysa Group, O1 Group said in a statement.

O1 Group’s announcement, released late on Monday, did not state the size of the stake to be sold and made no mention of price but said that Laysa, as part of the deal, would repay O1 Group’s debt to Credit Bank of Moscow, which amount to roughly 25 billion roubles ($442.81 million).

O1 Properties owns 15 business centres in Moscow worth more than $4 billion, according to the company. It saw investor interest from Chinese developer Vanke, in September, a source told Reuters.

O1 Group said Dmitry Mints, son of Boris Mints, would leave his role at the head of O1 Properties, to be replaced by Bagrat Gazaryan, currently the director of Summa Group’s Transengineering. However, Mints will remain chairman of the O1 Properties board.

Boris Mints, a real estate-to-pension funds businessman, is ranked as Russia’s 72nd wealthiest man with a fortune estimated at $1.3 billion, according to the Forbes magazine. Laysa is an advertising agency founded in 1994, the statement says. Russian Railways is one of its main clients. ($1 = 56.4570 roubles) (Reporting by Olga Sichkar Writing by Polina Ivanova Editing by Louise Heavens)

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