Eco-Culture acquired abandoned greenhouse complex
The agro-industrial holding Eco-Culture acquired a greenhouse complex in the Rostov region, the construction of which was started by Premium Tula company that went bankrupt while construction left unfinished.
Its initial cost at the auction was 541.9 million rubles (approximately $7.337 million), and the price gradually decreased to a minimum value of 162.5 million rubles (approximately $2.2 million).
The production capacity of the greenhouse complex was supposed to be 3.5 thousand tons of products per year. Previously, the launch of the complex was planned for 2018, then the dates were shifted. In 2019, the construction of the facility, which was in high readiness, was suspended, and the Moscow Industrial Bank (financing the implementation of the project) applied to the Commercial Court to declare Premium Tula bankrupt due to an overdue debt of more than 3 billion rubles (approximately $40.6 million). In June 2019, the Court announced the company insolvent and initiated bankruptcy proceedings. The company’s property was put up for auction.