Immofinanz acquires all of Moscow shopping centre

Austrian real estate group Immofinanz said it would buy the remaining 50 percent of the Golden Babylon Rostokino shopping centre in Moscow from Russian company Patero. Immofinanz said the parties had agreed not to disclose any financial details on the deal, the closing of which is expected to take place in mid-May.
"The full takeover of the Golden Babylon Rostokino will double the rental income from our most profitable shopping centre," Eduard Zehetner, chief executive of Immofinanz, said in a statement late on Friday. "We will also move a major step closer to our goal of increasing EBITDA (earnings before interest, tax, depreciation and amortisation) to 600 million euros ($796 million) by 2012/13." Immofinanz, whose financial year starts in May, is due to report third-quarter results on March 26.