Russian listed real estate developer Opin is divesting the Raikina shopping centre project in Moscow for $50 mln (EUR 36 mln). The project involved the redevelopment of one of two municipal buildings previously occupied by a cultural centre into a 70,000-m2 shopping and entertainment centre. The second building will be a 5,000-m2 facility which will be occupied by the not-for-profit Raikina Culture and Arts Development Fund.

The fund is investing in the project alongside Opin.

'The sale of Raikina lies in line with our new strategy to dispose non-core assets and concentrate on the development of master-planned multi-format residential communities in Moscow and Moscow Region,' said Artemiy Krylov, CEO of Opin.

The proceeds from the sale will be used to repay a portion of its Opin's debt as well as to fund new, higher-yielding projects.

Established in 2002, Opin owns assets valued at $1.9 bn, predominantly consisting of residential, land bank properties and commercial real estate. The company is majority owned by Onexim Holdings, a major private investment group in CIS with a diversified portfolio of assets in mining, real estate, financial services, media, energy production and high tech.