The period of the forced self-isolation is hard for the entire Russian business: from the airlines to the shoe repair stores. The organizations try to optimize the costs by reducing financial burdens or even selling the real estate.
For example, an interesting announcement has recently appeared on the Avito website for the sale of a shopping center with an area of 8,500 square meters, located on the Arbat street, Moscow. The object is being sold at a price of 1.7 billion rubles and it is indicated that the cost has been significantly reduced.
The seller assures that the shopping center is steadily generating income and will be able to fully recoup itself within 8 years. In confirmation of these words, the presence of the long-term lease agreements with 100% of the tenants of the premises is attached.
It is likely that in April, the entrepreneurs struggled with difficulties, but faced the realities: there was no revenue, but obligations remained. Many found no other way but to sell commercial property. If we talk about Moscow, then on Avito website you can see ads for the sale of a number of shopping centers: Confetti for 55 million rubles, Prague for 334.5 million rubles, etc.
Two weeks before, the chief architect of Moscow even announced that after some time part of the capital’s large shopping centers could be demolished due to their unprofitability. According to the officials, the smaller outlets will become a healthier solution for the urban environment.