Oleg Zherebtsov sells Norma supermarkets

ST PETERSBURG. Oleg Zherebtsov, the co-owner of the Lenta grocery chain, plans to sell its Norma grocery outlets in St Petersburg.Investment company Beragua Capital, hired by Zherebtsov who is heavily investing in the pharmaceutical business, has offered the assets to major Russian grocery retail players, Dixy and Magnit.Beragua Capital is the Norma chain’s auditor, a source close to the chain said. Norma runs 22 outlets in St Petersburg with only nine of them, with a total footprint area of 5,210 sq m (56,100 sq ft) and retail area of 3,292 sq m (35,400 sq ft), being actually owned by the company, according to the offer Beragua Capital sent to the retailers.The auditor estimates Norma’s property at RUR771.59mn ($24.2mn, or €19.1mn), based on the St Petersburg average property price of RUR135,000 ($4,200, or €3,300) per sq m.Norma’s entire business is valued at RUR1.3bn ($40.7mn, or €32.2mn), although bargaining is not ruled out. The offer cites the chain’s 2010 revenue of RUR1.994bn ($65.6mn at the average 2010 exchange rate) and a plan to earn RUR2.2bn ($74.8mn at the average 2011 exchange rate) in 2011.