Translated material
The 36.6 chain is selling off real estate to pay off debts
As of December 31, 2007, the retailer's net debt amounted to $271 million, the company reports. 36.6 CEO Jerry Kalmis explained the increase in debt burden by the rapid development of the network: since 2005, the number of pharmacies has increased from 445 to 1224, Vedomosti writes.
Yesterday, at a meeting with investment bank analysts, Kalmis said that in order to reduce the load, the company plans to sell the European Medical Center (EMC), acquired a year and a half ago. In addition, shares of the closed mutual fund, created last year "36.6" together with the Renaissance Investment Management company, into which the network's real estate with a total area of 3,200 sq. m. was included, will be sold. meters.
The buyer of the medical center, according to Kalmis, has not yet been determined. Pharmexpert research director David Melik-Guseinov estimated the cost of the EMC at $60-70 million, including real estate and equipment. Mikhail Kopitayko, director of the health insurance department of Ingosstrakh, believes that it will be difficult to find a buyer for the asset: “VIP service, which is provided by the EMC, is not a priority for this market,”? he said.
The closed mutual fund includes 10 premises of pharmacies "36.6" in Moscow with an area of about 3000 square meters. meters and one room in Yekaterinburg (150 sq. meters). “36.6” will retain the right to lease these premises, he added. Development Director of Swiss Realty Group Ilya Shershnev estimated the total value of the property at approximately $40 million.
Bank of Moscow analyst Sabina Mukhamedzhanova believes that after the sale of real estate and the UMC, the company’s financial indicators will reach the norm for a retail network.