Russian Post is liquidating assets on a large scale
Bogged down in debt, «Russian Post» is compelled to divest holdings due to ongoing deficits and a dearth of viable income streams.
The organization managed to dispose of 94 «non-essential properties» for 2.7 billion rubles, and also transferred a share in «Post Bank» to VTB for 36 billion rubles, according to the Minister of Digital Development, Maksut Shadayev, during a government Q&A in the Federation Council. He indicated that this action will enable the company to decrease its debt by over 30 billion rubles. As of September 30, 2023, «Russian Post» borrowings totaled 128.3 billion rubles.
Shadayev did not detail the specific types of properties sold or the timeframe involved. In November, «Russian Post» listed over 60 office spaces, warehouses, and garages across the nation for auction. The aggregate initial valuation of these assets amounted to 5.8 billion rubles. The most substantial offering was the Federal Postal Automobile Plant in Rostokino, encompassing 4.5 hectares and 17 structures with a combined area of 31.7 thousand m². The minimum bid was set at 3.95 billion rubles. Also featured was the Svyazist stadium building, which occupies more than 5 hectares in Sokolniki Park. Bidding for this asset commenced at 562.6 million rubles.
In June, the head of «Russian Post», Mikhail Volkov, discussed intentions to generate approximately 3 billion rubles from the sale of non-core assets, including considering the potential sale of the historic international post office headquarters on Varshavskoe highway in Moscow. And in 2023, the enterprise obtained 1 billion rubles from such transactions.