MOSCOW - Russia's Trust Bank has sold Moscow-based luxury real estate developer Inteko to another property firm for 38 billion roubles ($600 million), the bank said on Wednesday, the largest deal in Russia's development market since 2015.
Under the deal, developer Sminex will buy Inteko's assets in the cities of Moscow and Rostov-on-Don, which include multiple residential complexes with an area of 1.4 million square metres.
Inteko was taken over by the central bank in 2017 as part of a bailout of then owner B&N Bank, and since 2018 has been managed by the regulator-run Trust Bank, which tried to sell it on multiple occasions.
"The sale price is fully in line with our expectations," Trust Bank President Alexander Sokolov said.
"Moreover, despite the high turbulence in the economy and the cautious behaviour of major investors, we closed the deal at a price even higher than we had planned."
Inteko was founded in 1991 by Elena Baturina, the wife of late Moscow Mayor Yuri Luzhkov.
($1 = 63.3740 roubles)
(Reporting by Elena Fabrichnaya Writing by Caleb Davis; Editing by Mark Potter)