Russia’s flag carrier Aeroflot begins selling off European real estate

Russia’s flag carrier Aeroflot has begun selling off offices, flats and other company-owned real estate across Europe.

The total assets have a market value of more than €7.4 million and include buildings, office space and plots of land in Cyprus, Sweden, Norway, Denmark, Belgium and Hungary.

The full list of items up for auction has been published on Aeroflot’s webpage. The enormous sale was first noticed by Russian Telegram channel Aviatorschina.

As the channel notes, this is not the first time Aeroflot has sold off its real estate in Europe and a similar auctioning spree took place in 2014.

The airline acquired most of its European real estate before the 1990s when houses and flats in prestigious districts of European capitals were bought to provide housing for Aeroflot’s staff and guests during layovers and other foreign visits.

This includes a three-story house and a plot of land in Larnaka, Cyprus, worth €2 million, an apartment block in Budapest, Hungary, worth €0.5 million, and a number of flats in Stockholm, Kopenhagen and Oslo, all priced between €1 million and €2 million each.

According to Aeroflot’s own assessment, most of the real estate on sale will require significant renovations to be usable after remaining abandoned for some time.

Aeroflot currently has no flights to Europe after the airline was barred from entering European airspace following the outbreak of Russia’s full-scale invasion of Ukraine in February 2022.