16 News: Omar Gadzhiev, managing partner of Panorama Estate Newclausesdevotedtonon-residentialmortgagecanbedescribedasanimportanteventinthecommercialrealestatemarket.Becausepursuantthecurrentlaw,theFederalRegistrationServicecannotconcurrentlyformalizeafreeholdtoapurchasedpropertyandallowthepawningofapremisetoalenderadvancingloans,banksrununacceptablerisksandeventuallyrefusetobasetheiroperationsonthisscheme.Thenewbillenvisagesaconcurrentregistrationofpropertytitlesandtherightofpawning.Thegiveninnovationsecurestheinterestsofbanksandgivesthemconfidencethat,regardlessoftheborrower’sconduct,theymayclaimamortgagedpropertyanyway.Thisnewlegislativeinitiativerulesoutanypossibilityforacompanytoevadeliabilitytothelender.Thenewclausehascertainprosfortheborroweraswellinthatbankswon’tbeabletoreviewthemortgageterms.True,thecreditingmarketisnowstagnantbutwebelievethatthisnormwillhelptodevelopnewcreditingprogramsforcommercialrealestatedevelopers.Inrecentmonthsthegovernmentproposedquiteafewlegislativeinitiativescalledtoprotecttheinterestsoflenders.Obviouslyitstakesonthe Transaction Viewpoint: Most Important Events of the Last Two Weeks MCGpurchases55%of "HotelBudapest"JSC TheMosCityGroupcompanyhassignedthefinalagreementtopurchase55%oftheHotelBudapestJSC.15%ofthesewereboughtfromVTB,theremaining40%-fromaCyprusoffshorecompany-MCKoHotelsManagementLtd.(15%ofsharesareownedbytheBankforDevelopmentandForeignEconomicAffairs,30%bytheGovernmentofMoscow).Theamountofthedealwas$60million.$47millionwillbeusedtorepaythedebttoVTBJSC.HotelBudapestJSCmanagesahotelwiththesamename,andownsthePeterIHotel.TheMosCityGroupintendstoinvestapproximately$70millionintothereconstructionoftheBudapest,afterwhichthehotelwillberaisedtoa5-starcategory.CurrentlyMCGisholdingdiscussionswithtwointernationaloperatorstomanagethehotel.LetusrecallthatVTBhadgrantedtwoloans($6.46millionand$40.98million)forthereconstructionofBudapestHotelandtheconstructionofthePeterIhotel.Thenewhotelbuildingwasusedassecurityfortheloan.InApril2008,VTBappliedtotheMoscowArbitrationCourt,demandingthesettlementofarrears.Later,thebankpetitionedtoplaceHotelBudapestJSCintobankruptcy;afterwhichmonitoringprocedureswereimplemented.However,thefinalcourtdatewasadjournedbecausethepetitionhadbeenwithdrawn. GVASawyerandFHDpurchaselandforanoutlet-mall FashionHouseDevelopmentandtheGVASawyercompanyhavepurchasedaplotoflandinRussiaforthefutureconstructionofthefirstFashionHouseoutlet-mall.ThefacilitywillbebuiltneartheMoscow-St.Petersburghighwayincloseproximityto "Sheremetyevo"Airport.Thedeveloperofprojectwillbethe developmentofbanksandtheextensionoftheirservicepackage. David Gousset, The director of the project of Megalogix Duringlasttwoweekswesenseanactivizationofinfluenceoffinancialcrisisonthemarketofthewarehouserealestate,againstwhichcommissioningandputintooperationofnewwarehouseprojectsonthemarketbecomenotonlydistinct,butIwouldsaysensational.IhaveinviewthechainofconsequentopeningofMegalogixlogisticalparks,includinginMegalogix-Novosibirsk (onFebruary,25th),openinginRostov(on March,25th),andinSt.-Petersburg(for April).IwouldliketoshareimpressionsaboutjusthappenedgrandopeninginNovosibirskandwhatresonancecausestodayopeningofsuchcomplexesinregions.ThelaunchinNovosibirskhascauseddoubtlessinterestnotonlyfrompotentialtenants (wewelcomedover120guests,including Administration,bankstructuresandover70potentialtenants),butalsosevereinterestfromcitizensofNovosibirsk.TherearenumerousdiscussionsatNovosibirskforumsaboutlogopark,andweregisterhugeshaftofinquiriesandoffersoncooperation,includingjobinquiries,thatingeneralisnotsurprising tousduringcrisis,butitconfirmsonceagaineccentricityofeventofthesetwoweeks.ItisnecessarytoadmitthatAdministrationsofcitiesexpresskeeninterestandcompletesupportofsuchinfrastructuralprojects.Atthepressconferencedevotedtoopeningoflogopark,thefirstdeputyofthemayorofNovosibirskVictorVoronovhasunderlinedthattheprojectwillgivemorethan1600workplacesforinhabitantsoftheKirovareaandallNovosibirsk,andthemainArchitectofacityhasnotedimportanceofcreationofsuchGradeAcomplexesfordevelopmentofaninfrastructureofallcity.Iwouldliketoaddthatwedeterminedtocompleteallofourprojectsandwewilltrytocorrespondtomarketrealitiesnotonlyfromthepointofviewofrentrates,butalsoaleaseterm. Heiko Davids, business development director at Knight Frank Russia and CIS WhatwehaveobservedinRussia,generallyspeaking,andintheMoscowmarket,inparticular,duringthefirsttwomonthsof<strong>2009</strong>canbedescribedas“abalancepoint”:allmarketparticipantsexpectedeithera“greatmiracle”oranegativescenario.Tworecentweeksaddedmoreclarity.Werealizethatthemarkethasenteredanewphaseandtry GVASawyerCompany.Thelandareacomprises13ha.Aninvestmentof100millioneurosisplannedintoRussia'sfirstoutletmall(thepurchasepriceofthelandwasnotdisclosed).Thetotalareaofthefuturefacilitywillbearound40,000squaremeters.TheFashionHousewillbebuiltintwostages. Thefirstphaseoftheprojectisscheduledforcompletionby 2012.TheFashionHousedevelopmentteam,whichincludesspecialistsfromLiebrecht&WoodandGVAOutletServices,hasalreadyimplementedFashionHousenetworkstoresintheCzechRepublic,PolandandRomania.TodayJanDemier,whodevelopsconceptsfortheFashionHouse,isdevelopinganoriginalideafortheRussianproject.BrandonO'Reilly,thedirectorofGVAGrimleyOutletServicesandFashionHouseDevelopmentexplains:"Currentlytherearenooutlet-centersinRussia.Butwebelievethatthemarkethasroomforatleast20suchcenters."TenantsofFashionHouseoutlet-mallsinEuropearesuchnamebrandsasAdidas,Mexx,PrimaModa,D'oro,Ecco,LeeCooper,etc."Investmentfundsforthisprojectweredrawnfromprivatesharecapital,andthisisjustoneofthethreeprojectswhichwillbebuiltinRussiaandUkraine.Theothertwoprojectsarecurrentlyintheplanningstages,"saysPatrickVan-Den Bossch,theco-founderofLiebrecht&Wood. CompanyNews Carrefourbuyingsharesof SeventhContinent FrenchretailerCarrefourintendstobuyalmost74.8%ofthesharesofSeventhContinent.TheblockofshareswasputonsalebytheownerofSeventhContinent,AlexanderZanadvorov.LetusrecallthatMr.Zanadvorovwasunabletopaybackaloanof$560million,whichhehadtakeninautumnof2007fromDeutscheBank.InNovember,hewasforcedtoputhissharesupforsale,whenthebankcalledinitsloan.Previously,interestinthesharesoftheSeventhContinentwasexpressedbyApax togetadaptedinthecurrentmarketsituation.OurcompanyshowedabetterperformanceintherecenttwomonthsthanweexpectedorprognosticatedbeforetheNewYear.Tobeginwith,severalgooddealshavebeenclosedinthewarehousingsegmentthroughthemediationofKnightFrank:thesearelong-termcontractsofleaseintheMoscowregion(inparticular,asfarastheSouth LogisticTerminalprojectisconcerned. Secondly,acontractwithOkhtaGroupwassignedinSt.Petersburginmid Februaryforthe300,000-sqm-odd NevskayaRatushaproject.KnightFrankwaschosenasthecompany’sconsultantandwillauditthedesigndocumentsofengineeringsystematthiscomplex.Inaddition,we’llconsultthedeveloperregardingthefacilitymanagementmodelafterthispropertyisturnedoverforoperation.ThisisaveryimportanteventforusbecauseNevskayaRatushaisalargeandiconicprojectfortheNortherncapital.Oneofthebuildingswillbeoccupiedbythecityadministration.Ibelievesimilareventscanbeanticipatedontherealestatemarketin<strong>2009</strong>andweshouldcertainlylookintothefuturewithoptimism! Partners,TPGandotherinvestmentfunds.AccordingtoNatalia Sazonova,headofmarketresearchatKnightFrank,themarketisstartingtorevivewiththearrivalofnewplayers.Thisisalsogoodnewsforthebuyers."Creatinganetworkfromscratchisnoeasytask,althoughitisdoable,especiallyforacorporationlikeCarrefour,whichhas15,000storesworldwide.Theretailerhasalreadystartedenteringothermarketsviathepurchasesoflocalnetworks,"shenoted.LetusrecallthatCarrefourwasoneofthebiddersforthepurchaseofthe"Lenta"hypermarketnetwork.Butthedealdidnotgothrough.ThathasnotdeterredtheplansoftheFrenchretailertoentertheRussianmarket.Thecompanyisplanningtoleaseorbuilditsownsmallshoppingcentersin20Russiancities,investing10millioneurowithinthenexttwoorthreeyears. ThesecitieswillbeOmsk,Tomsk,Ekaterinburg,Ufa,etc. RavenRussiatofocusonwarehouses TheRavenRussiainvestmentfundintendstoexclusivelyfocusonthedevelopmentofwarehousesinRussia,duringthiscrisis.ThisiswhatthedirectorofRavenRussiaProperty AdvisersLtd.,VictorMalevankin,announced.Accordingto Mr.Malevankin,thecompanywillnowinvestexclusivelyin Russia.Thefundhasalreadyattracted75millionpounds,andisexpectedtoattractanadditional25millionpoundsthroughtheplacementofnewshares.Inaddition,thefundintendstobuyitsparentcompanyRavenMount,whichhasanumberofassetsintheUK.TheseassetswillbesoldandtheproceedswillbesenttoRussia.AccordingtoMr.Malevankin,thecrisishasforcedachangeinpriorities.Developmentprojectshavegivenwaytothosealreadybuilt.WeshouldrecallthatRavenRussia,togetherwithitsRussianpartners,isdevelopinganetworkofstoragefacilitiesthroughoutRussia,includingMegalogixproject,organizedincooperationwiththe"Avalon"Group.
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