TriGránit confirms Moscow shopping center pullout

Deals

Hungarian construction company TriGránit will not go through with a planned investment in Moscow, the company's head in Russia István Lovas told MTI late Monday, confirming a report in business daily Kommersant.

Lovas said another investor had bought TriGránit's share in Moscow's Mozaik shopping center and would continue with the development. He declined to reveal any firm figures, citing business confidentiality.

The paper said RGI International owner Pjotr Sura had bought TriGránit's stake in the development about a month earlier.

TriGránit acquired a 50% stake in the 134,000sqm shopping center in 2008, but the mayor's office has still not given the go-ahead for the project, the company's only one in Moscow, Kommersant said.

Moscow's mayor suspended and launched reviews of all big building projects in the capital after taking office in 2010.

Lovas told MTI the Moscow project had fallen victim to the global economic and financial crisis. He added that the failure of the local government to take a positive decision on the matter made the project unlikely to be worth TriGránit's wait.

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