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Georgian Billionaire Sells Russian Property for $983 Million

May 16 (Bloomberg) -- Georgian billionaire Bidzina Ivanishvili sold his Russian property assets for $982.5 million, part of plans to raise more than twice that amount through asset sales in the country.

Russia’s B&N Group bought residential and commercial properties in a transaction that’s due to close by Aug. 15, according to a statement today on the website of Ivanishvili’s managing company, Unicor. He won’t comment on the deal, Nona Kandiashvili, his spokeswoman, said today by phone.

Ivanishvili, 56, whose wealth Forbes magazine estimated at $6.4 billion in March, said in a November interview that he wants to raise as much as $2 billion by selling his Russian assets. He sold lender Rossiyskiy Kredit Bank last week for $352 million. The RBC Daily newspaper reported May 12 that he’d also sold his Doctor Stoletov pharmacy chain for as much as $70 million.

To contact the reporter on this story: Helena Bedwell in Tbilisi at hbedwell@bloomberg.net

To contact the editor responsible for this story: Paul Abelsky at pabelsky@bloomberg.net

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