20 News from the Regions RetailRealEstate AnUnderground ShoppingComplexin NizhniyNovgorod ModnayaPloshchadNizhniyNovgorod,partof theAtlasTorgovliConsulting,plansoninvest- ing$200millionintotheconstructionofan undergroundshoppingcomplexontheGorky SquareinNizhniyNovgorod.Accordingto thedirectorgeneralofthecompany,Valeriy Kubata,itwilltakeaboutonetotwoyearsto organizeallthenecessarydocumentation andtodesignthecomplex,whiletheactual constructionwilltakeupsometwoyears. AtlasTorgovliplansonbuildingsimilarcom- plexesinYaroslavl,OmskandRostov-on-Don. MaximGasiev,chiefoperatingofficer,Colliers International,told<strong>CRE</strong>that“itisdangerous undertakingnewprojectsintimesofcrisis. Especiallyanundergroundretailcenter.”He believesthatthecostofbuildinganunder- groundcomplexisabouttwotothreetimes moreexpensivethananabovegroundfacility. Inordertorecoupsuchinvestmentsleasing rateshavetobeveryhigh.“Ontoday’smarket place,onlysuchleasingratesasthosein Moscow’scenterandSt.Petersburgcanjustify suchinvestments.Suchprojectsintheregions willmostprobablyproveunprofitable,”says Mr.Gasiev.SergeyBogdanchikov,Director, ConsultingDepartment,LondonConsulting &ManagementCompany|LCMCalsohashis doubtsinthesuccessofthisproject.“The project’sdocumentationforpermitsalonewill takethedevelopersome1.5yearsandthefull realization,consideringtheRussianrealities, willtakenolessthanfouryears.Andso,the announcedtwoyearsispureutopia,”considers Mr.Bogdanchikov. Besidestheproblemsthatthedeveloper mayencounteruponbuildingashopping complexunderground,identifyingtenantsin today’sdifficultconditionscanbesomewhat complicated.AccordingtoOlegEfremov, retailrealestateconsultant,Cushman& WakefieldStiles&Riabokobylko,leasinga facilityintimesofcrisisisamostcomplicated task.“Today’snumberofcompanieswilling todevelopachainandopenadditionalretail facilitieshasdroppedsubstantially,andput- tingtogetherapooloftenantsisbecoming increasinglycomplicated,”commentedMr. Efremov. OfficeRealEstate ABusinessCenter RatingtobeCreated inNovosibirsk Over40propertymanagersandownersof officesinNovosibirskhavedecidedtocreate aBusinessCenterRatinginNovosibirsk.The projectcoordinatorwillbetheSiberianGuild ofManagersandDevelopers.Theratingwill rankmostoftheexistingofficefacilitiesin Novosibirskaccordingtoawholerangeofcri- teria,frompostspacingtolocation.Landlords expectthatpreciseinformationregardingthe meritsanddeficienciesofeachfacilitywill helpinobjectivelydeterminingtheleasing rates.Threeexpertswillevaluatethefacilities: arealestatemarketanalystandmarketing specialist,anairconditioning,heatingand ventilationspecialistandacommunication andalarmspecialist.Theassessmentprovided bytheworkinggroupwillbeevaluatedbyan expertcouncil.Thecouncilwillbemadeupof realestatemarketanalysts,airconditioning, heatingandventilationspecialists,commu- nicationspecialists,commercialrealestate brokersandothers. “Themajorreasonforcreatingaratingat thepresenttimeistoprovideassistanceto landlordsfordeterminingtheleasingrates,cre- ateatransparentmarketplacewherebyleasing ratenegotiationswillbesimplerforlandlords,” explainedthepresidentoftheSiberianGuild ofManagersandDevelopers,OlegLugovoi.The possibilityofbetterevaluatingthecompara- tivemeritsofvariousbusinesscentersandthe appropriatenessoftherateswillbenefitten- antsaswell. Inauguration ANewHyattin Yekaterinburg Theopeningceremonyofthehoteltook placeonFebruary26<strong>2009</strong>.Initially,the HyattRegencyEkaterinburgwastobeginits operationsontheMarch8,2008.However, thebuildingwasn’treadyonscheduleandthe openingwaspostponeduntilJuly.Onceagain theconstructionwasdelayedandtheopening wasdelayedtillSeptember.OntheSeptember 10theHyattpublishedapressrelease,which describedthefutureinteriorofthehoteland alittlelaterpresentedaninternetpageofthe hotel.Theinauguralcelebrationwaspromised fortheendof2008,andtheunofficialdate mentionedwasDecember1.Theexactdate howeverfortheopeningremainedunknown. TheHyattHotelisoneofthefacilities beingbuiltfortheSummitoftheShanghai CooperationOrganization.Themajorinvestor intheconstructionofthefacilityisUMMC. Theoverallcostofthe20-storyhotelwith300 roomsisestimatedatthefirstphaseat$107 million.Theplanwasthat30%ofthecosts wouldbeassumedbyUMMC,andtheremain- ing70%byasyndicatedloanbyinternational banksunderaguaranteebyaFrenchExport- Importagency.Atthebeginningofthecon- struction,theUMMCmanagementannounced thatthefundingofthehotel’sconstruction wasbeingaccomplishedthroughassistance fromtheSocieteGeneraleandBCEN-Eurobank, andreceivedthroughtheVneshTorgBank,in theroleofagent.Theoverallloan-$80.5mil- lion,with$70millionasanexportloanguar- anteedbytheFrenchinsuranceagencyCOFACE foratermof10yearsandninemonths,and $10.5million–acommercialloanforaterm of8yearsand3months.Whetherthismoney wasreceivedandhowmuchofit,theUMMC doesnotspecify.Expertsnotethatthedelays intheopeningoftheHyattindicatethatthe holdingissufferingcertainfinancialdifficul- ties. Project RodexGroup SprinkledtheIsland RodexSamarra,partofthefederaldevelop- mentnetworkRodexGroup,hasfinalizedthe constructionofanon-retainedisland,16km fromSamarra,whichwillhostacottagesettle- menttobenamedTsarevGrad. Thecompanyreportedlyused340,000 cubicmetersofsandtobuildtheisland.The companyispresentlybuildingtheentrance group,thefirstandsecondphasesoftheelite classTsarevGradwith51homes.Thevolumeof theinvestmentfortheprojectisestimatedat 412millionrubles. TheprojectdesignedbyRodesGroupis theonlyoneforthetimebeingtohavebeen broughttolifeamongstallthosethatwere announcedinRussia.Theintentionlatelyof fillingnewterritorieswasmadebymany.Inthe southofRussiaalonetherewerethreeprojects announced(theislandintheframeworkofthe NovyBeregproject,andtheislandsofKhomar andDagomar).However,becauseofthecrisis andlackoflegislativeactsregulatingthe islanddevelopment,theprojectsforthetime beingremainonpaperalone. LevPukshansky,vicepresident,Morskoi Facade,told<strong>CRE</strong>that“suchprojectsrequire importantinvestments.Intimesofcrisis,such majorurbandevelopmentsaren’tthebest idea.”AccordingtoMr.Pukshansky,thedevel- opmentofprojectsforthecreationofislandsis becomingincreasinglycomplicatedbecauseof alackoflegislation. For news from the Northwest, see page 81 For news from the South, see page 89
#04 (110) / 16–28.02.09 | Contents | News: | | Hot Topics | | Events | 21
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