2009 - CRE

14
News:
professional­conferences­and­other­industrial­sector­events.­
Appointments MARKET WATCH­
Maksim­Tarasov­has­been­at­Rockwool­almost­from­the­date­the­
Russian­office­of­the­company­opened­in­1997.­
­ 18.02–02.03
Dmitriy­Burlov­to­head­the­Agency­Services­Department­Dmitriy­Burlov­is­now­the­Head­of­Agency­Services­Departmentat­"Magazin­Magazinov­in­association­with­CB­Richard­Ellis"­Company.­In­addition­to­coordinating­the­work­for­representing­the­interests­of­shopping­center­developers,­propertyowners,­as­well­as­retail­chain­owners,­Dmitriy's­task­will­beto­develop­and­promote­new­services.­Dmitriy­Burlov­joined­
"Magazin­Magazinov"­in­2006­as­a­customer­service­manager.­
During­this­time­he­participated­in­leasing­shopping­centerpremises­–­a­total­area­of­145­thousand­sq.­m.­We­should­mention­that­in­the­beginning­of­February,­CB­Richard­Ellis­Group,­INC.­signed­an­agreement­with­"Magazin­Magazinov"­–­makingit­an­associate­member­of­the­CB­Richard­Ellis­network.­­
FC­"Vester"­has­made­several­new­appointments­
The­"Vester"­chain­in­February­made­several­new­appointments­as­part­if­its­rotational­policy­for­management.­Olga­
Nasibullina,­previously­the­Head­of­FC­"Vester"­Private­
Brands­Department,­becomes­the­Commercial­Director­of­the­
Chernozemye­Region­of­FC­"Vester".­Kirill­Kirilash,­who­heldthe­post­of­Commercial­Director­of­the­Chernozemye­Region,will­become­the­Commercial­Director­of­FC­"Vester"­in­the­
Belarus­Republic.­
"Rosizol"­gets­a­new­Executive­Director­
Maksim­Tarasov­has­been­chosen­as­the­executive­director­ofthe­non-profit­partnership­-­"Rosizol".­He­is­also­the­Sales­and­
Marketing­Director­of­the­national­branch­of­Rockwool­Russia.­
His­appointment­was­approved­at­the­"Rosizol"­general­shareholders­meeting­held­on­February­18,­2009.­According­to­association­statute,­the­executive­director­is­elected­to­a­two­yearterm.­In­his­new­post,­Mr.­Tarasov­will­represent­the­interestsof­the­partnership­in­front­of­government­bodies­and­during­
Company­news­
Vnesheconombankappoints­a­newmember­to­the­Boardof­Directors­of­PIK­
The­general­meeting­of­shareholdersheld­on­February­27th­chose­a­newdirector­to­the­board­of­­for­PIK.­Denis­Nozdrachev,­head­of­the­ifrastructuredepartment­at­Vnesheconombank­Bankhas­been­appointed­to­the­Board­of­
Directors­of­PIK.­
Other­independent­directors­of­the­
"PIK"­Group­are­Shanti­Sen­-­the­managing­director­for­international­bankingactivities­from­the­"City­Alternative­
Investments"­Company­and­heads­of­the­
Moscow­offices­of­UBS,­"Clever­Group­
Ltd.",­and­"Hines­International,­Inc.­-"­
Anselm­Oscar­Shmukki,­Alec­Maryanchikand­Lee­Stewart­Timmins.­
According­to­experts,­the­
Vnesheconombank's­representative­hasjoined­the­new­board­of­directors­to­monitorfinancial­flows­of­the­company.­We­should­recall­that­in­the­final­daysof­the­previous­year­"PIK"­Group­obtainedrefinancing­of­its­short-­term­debts­from­Vnesheconombank­to­the­tune­of­$262­million­-­for­a­one­-year­term.­
Board­of­Directorsof­Sibir­Energywill­examine­thecompany's­deals­with­
Chigirinsky
The­Board­of­Directors­of­Sibir­Energy­hasdecided­to­clarify­the­legality­of­its­transactions­with­the­Russian­businessman­Shalva­
Chigirinsky.­To­carry­out­this­investigation­
Sibir­Energy­has­invited­the­Jones­Day­lawfirm­and­Ernst­&­Young­auditors.­The­generaldirector­of­the­company,­Henry­Cameron,­willbe­removed­from­office­for­the­duration­of­theinvestigation.According­to­Vladimir­Sokov,­a­partner­and­director­for­development­of­the­"Pepeliaev,­Goltsblat­and­Partners",­thegeneral­director­can­be­removed­any­timeduring­a­general­meeting­of­shareholders.­"The­general­director­may­have­hispowers­limited,­or­he­can­be­dismissed.­These­are­the­only­two­measures­which­thecompany's­regulatory­body­can­apply.­Thegeneral­irector­may­also­be­transferred­toa­different­position,"­he­said.­
The­company­has­also­announced­that­
Henry­Cameron­will­participate­in­the­process­of­recouping­all­the­money­which­Sibir­Energy­lent­to­Chigirinsky.­Mr.­Cameron'sduties,­for­the­period­of­the­investigation,
Appointments­in­the­"DuPont"­Company­
Jean-Luc­Duramy­has­been­appointed­Director­of­the­Centraland­East­European­Branch­of­the­"DuPont"­Company.­Beforethis­there­had­been­several­directors­in­the­Central­and­East­
European­region,­who­received­functional­guidance­from­
DuPont's­European­headquarters­in­Switzerland.­Mr.­Duramyjoined­"DuPont"­in­1977­and­since­then­has­held­variousposts­in­finance,­logistics,­information­technology­and­humanresources,­mergers­and­acquisitions,­as­well­as­marketing.­
In­June­2008­he­has­been­the­director­of­the­East­European­
Department.­
In­addition,­Angela­Schofield­becomes­the­Financial­
Manager­for­Eastern­and­Central­Europe,­Middle­East­and­
Africa.­This­is­in­addition­to­her­current­duties­as­the­Directorof­DuPont's­Science­and­Technologies­Department­in­Russia.­Ms.­Schofield­joined­"DuPont"­in­1990­and­has­held­variouspositions­in­the­Financial­Department­and­Customer­Service­
Department­at­several­"DuPont"­branches.­
A­new­General­Director­at­"Arbat­Prestige"­
Alexander­Tsybulskiy­becomes­General­Director­of­the­"Arbat­
Prestige"­chain.­After­the­departure­of­Roman­Khomenko­-­theprevious­General­Director­of­"Arbat­Prestige"­-­the­companywas­managed­by­Alexander­Dobrovinskiy,­the­Chairman­ofthe­Board­of­Directors­and­a­lawyer­for­Vladimir­Nekrasov,the­arrested­owner­of­the­chain.­Since­October­1,­2008the­"Russian­Investments"­Company­has­been­providingmanagement­services­to­the­chain.­From­now­on­"Russian­Investments"­will­manage­the­real­estate­properties­of­theretailer,­and­Mr.­Tsybulskiy­will­deal­with­all­legal­issues.­
See New
Appointments
will­be­performed­by­his­deputy­-­Steward­
Detmer.­
Let­us­recall,­that­Sibir­Energy­claimsthat­Shalva­Chigirinsky­owes­it­$325­millioninstead­of­the­previously­announced­$115million.­In­December­2008,­Sibir­Energy­wasgoing­to­purchase­the­assets­of­Chigirinskyfor­$340­million,­including­the­"Russia"­Tower­in­"Moskva-City".­But­later­the­oilcompany­refused­to­buy­the­assets.­Afterit­was­announced­that­this­deal­would­nottake­place,­the­shares­of­Sibir­Energy­wentup­by­40%."Since­the­capitalization­of­many­development­companies­is­currently­quite­low,and­loans­are­dear,­a­new­problem­has­arisen.­The­banks­are­no­longer­willing­to­providethe­needed­money,­developers­need­to­payback­loans­to­the­banks,­and­it­is­a­difficulttime­to­sell­properties.­Refinancing­withanother­bank­is­even­more­difficult.­One­canalways­find­a­buyer­for­a­property,­if­the­priceis­right.­This­"right­price"­means­providing­asignificant­discount­to­quickly­sell­the­property,­emphasizes­Denis­Kolokolnikov,­generaldirector­of­RRG.­To­pay­off­all­his­debts,­Mr.­Chigirinsky­will­have­to­sell­his­assets­by­theautumn­of­2009.­Until­mid-September,­Sibir­
Energy­will­be­paying­him­benefits­a­rate­of­
$150­thousand.­
­MCG Company has purchased 55% of
shares in Hotel Budapest JSC (which
manages a hotel of the same name and owns
the Petr I Hotel in the center of Moscow) –
15% was purchased from VTB and 40% from
a Cyprus offshore company – MC Ko Hotels
Management Ltd. The total amount of the
transaction was $60 million.
­Moscow­City­Mayor’s­Office­has­approvedthe­establishment­of­a­company­financed­byforeign­capital,­to­which­will­be­transferred­the­
Moskva­and­Russia­hotels,­as­well­as­the­Volga,­
Kuzminki,­Berlin­and­Altay.­The­total­number­ofrooms­is­about­1,500.­
­The Bank for Development and Foreign
Economic Affairs has appointed a
representative to the Board of Directors of
PIK in order to monitor the financial flows of
the company.
­On­February­27­a­loan­of­500­million­eurocame­due,­issued­to­Oleg­Deripaska­by­theshareholders­of­Strabag­for­refinancing­a­loanpreviously­provided­by­Deutsche­Bank­for­thepurchase­of­a­construction­company.­However,­Deripaska­has­been­able­to­obtain­a­delay­inpayment­until­April­3,­2009.­In­other­news,­Oleg­Deripaska­has­become­the­general­director­ofthe­Basic­Element­Holding,­replacing­Gulzhan­
Moldazhanova.­
­The first phase of the Topol Shopping and
Entertainment Complex was opened (35,000
sq m) in Ivanovo. The investor and developer
of the project is TT-Invest LLC. The complex is
to be fully launched by October of this year.
The Svetofor Shopping and Entertainment
Center was opened in Lyubertsy with an area
of 33,500 sq m. The project developer is
Svetofor GC.
General director of Sibir Energy, Henry
Cameron, has been suspended from active
duty until an investigation is complete
concerning deals that Sibir Energy made in
acquiring the assets of Shalva Chigirinsky.
The French retailer Carrefour is planning
to buy 74.8% of shares of the Seventh
Continent.
­The­Immo­Industry­Group­warehouse­propertydeveloper,­14.75%­of­whose­shares­which­areowned­by­the­Rostik­Group­Restaurant­Holding,has­declared­bankruptcy.­The­company­hasdebts­of­24­million­euro.­
­Leasing agreements have been signed with
three anchor tenants for the Vegas Shopping
Center (previously – Kashirskiy Mall). Auchan
and M.video will lease 22,000 sq m. and
3,700 sq m respectively (agreement for 17
years). Luksor Cinema is going to take 5,500
sq m of the shopping and entertainment
center (agreement for 10 years).
­The Raven Russia investment fund will
focus on the development of warehouse
business in Russia. The company intends
to attract up to 125 million british pounds
through the placement of preferred shares.
­Sberbank­is­planning­to­sell­its­Alpi­properties.­
At­the­end­of­last­year­the­bank­became­the­ownerof­a­number­of­commercial­real­estate­sites.­Indischarge­of­loans­its­subsidiary­–­Sberbank­Capital­LLC­–­obtained­27­stores­and­shopping­centersfrom­Alpi­Group­of­Krasnoyarsk,­which­has­a­totalarea­of­250,000­square­meters.
See Newswire