Immofinanz has reacted to the recent deterioration of the economic situation in Russia by commissioning CBRE to prepare a special appraisal of the company’s Russian properties as of Jan. 31, 2016. CBRE is the newly appointed appraiser of Immofinanz’s CEE portfolio. The first indications from this valuation has led to expectations that the company will have to make a €400m write-down to reflect the current value of its five Moscow retail properties in the third quarter of 2015/16. The carrying amount of these five properties came to €1.57bn as of the end of October. The distribution policy for the company announced on February 2, however, remains unchanged. This results of this special appraisal will be released on March 16.
