OREANDA-NEWS  On 21 November was announced, that the owner and director of the Corporation “Stolitsa” Valentin Isak initially tried to sell the whole company. According to market players, since Autumn “Stolitsa” was facing problems with financing. To avoid bankruptcy the owner wanted to sell the whole business. But because negotiations with potential investors failed, businessman started to sell separate assets of his company.

According to “DELO” newspaper, “Stolitsa” has already sold its 4 projects in Obolon district, Kiev – 2 hotels and 2 office centers. Besides, currently the corporation is looking for the buyer of 3 office centers in Kiev.

“Stolitsa’s” general director Valentin Isak (owns 90% stake) confirmed selling of company’s projects, saying, that such steps are done because of the current difficulties in the market. “Today we need to optimize expenses and get rid of low profit business”, - he explains. He also says that decision to sell assets  was taken because of financial problems. “To receive credit in bank is problematic but we need money to finish construction of our projects” – he explained.

But Isak did not confirm that he is going to sell the whole corporation. “Everyone understands that crisis is temporary phenomenon and soon it will vanish”, - he assures. At the same time market analysts speak about possible selling of the company.

According to “DELO” newspaper, initially among the possible buyers of the corporation “Stolitsa” were Group DF Real Estate (subsidiary of industrial group belonging to Dmitriy Firtash) and corporation “Inteco”, which belongs to Moscow major (Yuriy Luzhkov) wife Elena Baturina. Among potential buyers were also local companies affiliated with Kiev major Leonid Chernovetskiy. But negotiations did not end successfully what forced Isak to sell assets separately.