Russia’s A1 Says Auction of Irish State-Owned Warehouses Put Off

Alfa Group’s A1 unit said the auction of a distribution center in Russia owned by the Irish government was pulled because bidders didn’t have enough time to register.

The public sale of Q-Park for at least 2.58 billion rubles ($50 million) in Kazan, Russia, 450 miles east of Moscow, had been scheduled for Dec. 5. The property includes warehouses for retailers and technology companies.

“Not all interested parties had time to register,” the A1 press office said in an e-mail. “According to legislation, a repeated auction will be held in approximately 60 days.” A1 is part of billionaire Mikhail Fridman’s Alfa Group, a Moscow-based holding company with stakes in financial firms as well as telecommunications, oil and other industries.

The Irish government formed a joint venture last year with A1 to recoup real estate assets valued at $500 million in Russia and Ukraine accumulated by Sean Quinn, once Ireland’s richest man. Philip McDonagh, Ireland’s former ambassador to Russia, has said recovery of the assets is of “paramount importance to Ireland.” They include a skyscraper in Moscow, a shopping mall in Kiev and warehouses.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE