With European stores looking empty, commercial real estate investors have turned to Russia where shoppers are still out in force.
After splashing out more than $1bn to buy a mall in Saint Petersburg last year, Morgan Stanley has returned to the Russian market to buy an even more expensive retail outlet in Moscow. Continue reading »
Canada’s Barrick Gold, the world’s largest gold producer, has said goodbye to Russia. On Thursday it sold for £79.5m ($128m) its 20.4 percent stake in Highland Gold, the Russian gold miner in which billionaire Roman Abramovich is the dominant shareholder.
Institutions snapped up the stock at 120 pence per share – not a great return for Barrick which bought in at up to 230p a share. But the Canadians won’t mind too much – they gave up long ago on trying to use Highland as a serious vehicle for entering the forbidding Russian mining industry. Continue reading »