RUSSIA: Orkla sells property in Russia | Progresiv

Orkla has sold its property in the centre of St. Petersburg in Russia for 470 million roubles (6.2 million euros). The buyer is a subsidiary of the Russian property developer Pioneer Group.

The property was carved out of Orkla Brands Russia prior to the sale of this company in January 2015, and is a former office and production facility which has been empty for the last year. After the sale, Orkla has only two remaining businesses in Russia; the nut company Chaka and the bakery and confectionery supplier Credin. 

As a result of the transaction Orkla will book a gain of 3.5 million euros in the fourth quarter 2015.