Magnit purchased another greenhouse complex
The Russian food retailer Magnit acquired a greenhouse complex in the Belgorod region, capable of growing up to 20 thousand tons of tomatoes per year. They are supplied to a wide variety of retail chains – Lenta, Perekrestok, Auchan, Pyaterochka. The deal cost 4 billion rubles (over $65.3 million).
The greenhouse was constructed with the investments of Sigma Capital, owned by Arkady Abramovich, the son of billionaire Roman Abramovich. In 2021, the greenhouse’s revenue amounted to 1.5 billion rubles (approximately $24.5 million), while the loss was 488.2 million rubles (almost $8 million).
“The sale of the greenhouse to Sigma Capital is apparently related to its unprofitability. But Magnit has a chance to make it profitable and, at the same time, expand its participation in the greenhouse business, currently limited by the Green Line complex (Krasnodar region),” commented the information and analytical service of Fertilizer Daily.
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