Morgan Stanley is sole bidder for Stockmann’s Nevsky Center property, say sources: Reuters

Morgan Stanley (MS.N) has become the sole bidder for Nevsky Center property in the Russian city of St Petersburg from Finnish department store chain Stockmann (STCBV.HE) after Russian real estate investor Malltech pulled out of the tender, two sources familiar with the talks told Reuters.

Morgan Stanley, Stockmann, Malltech and Colliers International, a property consultancy advising Stockmann on the sale, declined to comment.

Stockmann said earlier it was in talks with several parties to sell the shopping center which has a book value of 181 million euros ($225.5 million).

Two sources in Moscow’s commercial real estate market told Reuters earlier a 160-180 million euro sale price was being discussed.