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    Russia's DON-Stroy to sell NordStar Tower to repay debt - paper

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    Russian developer DON-Stroy will sell its business centre NordStar Tower to repay its 20 billion rouble debt to Sberbank, Kommersant business daily said on Tuesday.

    Russian developer DON-Stroy will sell its business centre NordStar Tower to repay its 20 billion rouble debt to Sberbank, Kommersant business daily said on Tuesday.

    Kommersant quoted a source familiar with the situation as saying that DON-Stroy wanted to sell the business centre for $450 million, or 13.6 billion roubles.

    The DON-Stroy group of companies is one of Moscow's largest developers. Its portfolio includes more than 50 projects with a total area of over 5,000,000 square metres. DON-Stroy's debt amounts to $3 billion with the largest creditors being Sberbank and VTB-bank.

    According to Kommersant, Sberbank could have taken control of the DON-Stroy's flagship business centre of 147,000 square metres to repay 11 billion roubles of the debt. Besides the NordStar Tower, Sberbank has rights to 70 percent of a 157,000 square metre building in the centre of Moscow.

     

    MOSCOW, July 20 (RIA Novosti)

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