Immofinanz Group is reevaluating its properties in Russia as the ruble continues to weaken. As a result, the Austrian company’s net profit dropped by €99.1m to €79.2m in the first three quarters of the 2014/15 fiscal year. A weak Czech crown also contributed to the poor results.
In an effort to maintain high occupancy levels, Immofinanz has agreed to continue to charge lower rents in five of its shopping centers in Moscow, where footfall dropped by 10 percent, according to the group’s general manager, Eduard Zehetner. Immofinanz announced that its rental income will probably further decrease due to continued weakening of the currency.
