Immofinanz to focus on Austria, Germany, Poland after Russia hit

August 7, 2015 6:47 AM

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VIENNA Aug 7 Austrian property group Immofinanz will shift away from its Russia focus to funnel future investments into Austria, Germany and Poland using money from the planned sale of its logistics portfolio, it said on Friday.

Immofinanz, which gets around a third of its rental income from its five shopping centres in Moscow and a logistics centre in St Petersburg, had a full-year loss of 361 million euros ($394 million) largely due to difficulties in Russia.

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