Vester To Sell Real Estate

Russia - Retail major Vester Group is set to sell its non-core assets and trading centres, estimated at over $150m. According to local reports, Vester has recently sold its Avicenna pharmacy chain in Kaliningrad for $1.0m, and a trading centre for $15m. The reports said Vester plan to use the proceeds as investment to attain its stated objective of touching $2.2bn in turnover by late 2008. Vester had announced the sale of non-core assets earlier this year. Other retail assets include the Knigi & Knizhechki booksellers (10 outlets), the Monte Cristo jewellery chain (19 outlets), several furniture and sports shops and an electric appliance retail chain.