A1 investment company sold its stake in the group of companies GRAS, A1 informed.
The exact stake, the transaction value and the buyer were not disclosed.
"A1 initially considered the acquisition of a stake in the large development company GRAS as a financial investment in the growing and promising real estate market. The current market environment enabled A1 to withdraw from this asset on most favorable terms, meeting the margin targets," the ex-investor points out.
GRAS Group is a property developer and manufacturer of construction materials. Established in 2005, the Group has successfully implemented two major developer projects in Sochi (namely, the housing estates Alexandriysky Mayak (Lighthouse of Alexandria) and Novaya Alexandria). Also, it constructed 2 autoclave lightweight concrete production facilities (450 thousand cubic meters per year each) and put them into operation. Today, the company's development portfolio contains business-class housing estate construction projects in Moscow and Sochi with the total area exceeding 430 thousand square meters.
Alfa Group established in 1989 is one of the largest private financial and industrial consortia in Russia. The Group's key investments were made in the Alpha Bank banking group, AlphaStrakhovanie Group, Alpha Capital Management COmpany, Alfa Capital Partners, TNK-BP. Altimo, X5 Retail Group N.V., A1, Rosvodokanal group.