2009 - CRE

Transactions
#06 (112) / 16–31.03.09
Glavstroy­SPb­changes­ownership
Suleiman­Kerimov,­head­of­the­Nafta­Moscow­holdingcompany,­acquired­most­of­Oleg­Deripaska’s­development­business­concentrated­in­the­Petersburg­divisionof­Glavstroy.­The­parties­have­not­disclosed­the­amountof­the­deal­that­led­to­the­acquisition­of­a­75%­stake­in­Glavstroy­SPb.­In­order­to­consolidate­the­entire­business,­Nafta­will­have­to­come­to­some­agreement­with­theowners­of­the­remaining­25%­share­–­Maxim­Vorobyov­
(the­main­shareholder­of­Russkoe­More)­and­his­partner­
Mikhail­Kenin.­According­to­media­reports,­they­do­notintend­to­sell­their­stakes,­however.­Currently­the­assetsof­Glavstroy­SPb­include­four­projects.­The­Northern­Valley­neighborhood­envisages­the­construction­of­2.7million­sq­m­of­housing­in­addition­to­about­500,000­sq­mof­social­infrastructure­and­the­investment­of­75­billionrubles.­Construction­work­is­due­to­commence­in­March.­The­Juntolovo­multipurpose­project­anticipates­theconstruction­of­2.2­million­sq­m­of­housing,­400,000­sq­mof­office­space­in­addition­to­300,000­sq­m­of­infrastructure;­the­level­of­investment­is­also­75­billion­rubles.­Theexpansion­and­refurbishment­of­Apraksin­Dvor­designedby­British­architect­Chris­Wilkinson­is­estimated­at­40­billion­rubles­and­a­300,000-sq­m­business­quarter­boundedby­Shkapin­and­Rosenstein­Ulitsa­is­worth­10­billionrubles.­The­management­of­Glavstroy­assures­that­theyhave­no­plans­to­change­the­Northern­Valley­project,­sinceall­its­documents­were­approved­long­ago.­The­architectural­concepts­of­other­projects­will­depend­on­Nafta’splans.­It­cannot­be­ruled­out­that­certain­corrections­willbe­entered.­For­all­that,­the­new­owners­do­not­plan­toreduce­the­staff­and­management­of­Glavstroy­SPb.­“It’shard­to­figure­the­amount­of­this­transaction.­Most­likelyit­exceeded­the­costs­which­Glavstroy­already­incurred,having­bought­land­by­auction­and­developed­architectural­concepts­and­this­is­roughly­10­billion­rubles,”surmises­Nikolai­Pashkov,­professional­activity­director­at­
Knight­Frank­SPb.­
Home­Credit­to­move­to­a­circular­tower
Home­Credit­Bank­leased­an­800-sq­m­unit­on­the­14thfloor­of­BC­RESO.­Maris­Properties/CBRE­represented­theinterests­of­the­landlord­in­this­deal.­We­should­recall­that­BC­RESO­is­an­A-class­office­complex­forming­the­business­area­of­Bogatyrsky­Prospekt.­This­21-story,­55,300-sqm­building­accommodates­office­and­retail­premises,­ashowroom,­cafe,­restaurant­and­multilevel­parking.­Thegrand­opening­took­place­at­the­end­of­2008.­As­notedby­Alexei­Fedorov,­office­real­estate­director­at­Maris­Properties/CBRE,­financial­companies­and­professionalservice­companies­are­traditional­lessees­of­office­'towers'the­world­over.­The­given­transaction­demonstrates­onceagain­that­the­Petersburg­market­is­developing­in­accordance­with­the­worldwide­trends.­Furthermore­the­veryfact­of­cutting­such­a­deal­at­this­challenging­time­is­alsoindicative:­contrary­to­some­opinions,­the­market­is­quiteactive,”­he­commented.­­
Hotels
A­hotel­for­Pushkin
Trunkus­plans­to­build­a­three-star,­80-room­hotel­in­thevery­heart­of­Pushkin,­St.­Petersburg’s­satellite­town.­The­
| Personnel |
| : North – West |
| Regions |
| Listings |
4,500-sqm­hotel­will­rise­on­a­1,250-sqm­site­boundedby­Pushkinskaya,­Leontyevskaya,­Moskovskaya­and­Tserkovnaya­Ulitsa.­It­will­crown­the­restoration­of­thehistoric­cluster­developed­as­early­as­1821­by­architects­Geste­and­Stasov.­The­complex­is­part­of­the­nationalcultural­heritage­unit­and­there­is­now­a­police­station,­atown­hall­and­a­fire­unit.­The­hotel­will­be­accommodatedin­the­angular­building­that­will­integrate­the­historicdevelopments­into­a­holistic­architectural­ensemble.­Inexpert­estimation,­realization­of­the­hospitality­projectin­Pushkin­will­call­for­$9-14­million­of­investments.­“Theaverage­cost­of­building­such­a­hotel­starts­from­$2,000/sq­m,­though­in­this­case­it­could­be­higher­because­theworks­will­be­carried­out­within­the­framework­of­anhistorical,­architectural­complex.­Such­projects­usuallytake­7­years­or­more­to­pay­off,”­says­Evgeniya­Vasilyeva,consulting­director­at­ASTERA­SPb.­­
Entertainments
Donk­to­look­for­­
300­million­euro
Donk­will­build­a­large-scale­community­and­leisurecomplex­in­the­Kurortny­district­of­St.­Petersburg.­Thedeveloper­was­allotted­a­20.4-ha­site­on­Zelenogorsk­
Shosse­in­the­Beloostrov­district­for­exploration.­The­
GBA­of­the­new­development­will­come­to­200,000­sq­m.­
As­the­investor­figured,­the­project­would­claim­around­
300­million­euro­of­investments­to­return­over­6-10years.­
The­company­plans­to­attract­co-investors­as­well.­
The­project­includes­spacious­retail­space,­a­network­ofrestaurants,­a­low-rise­business­center­and­a­four-starhotel.­Yet­the­main­emphasis­will­be­put­on­the­sportsand­leisure­infrastructure­which­has­so­far­been­lackingin­this­resort.­In­particular,­a­swimming­pool,­an­icerink­and­a­training­center­have­been­planned.­“Donkowns­no­equity­capital.­Whatever­they­built­beforewas­based­on­the­participatory­construction­scheme.­However­it­will­be­impossible­to­finance­the­new­projectusing­this­scheme­during­the­next­couple­of­years.­Yetthe­city­needs­such­a­recreational­facility­in­a­districtrather­remote­from­the­Gulf­of­Finland.­It­will­be­in­thehighest­demand­during­the­summer­season­when­thelocal­population­increases­due­to­the­influx­of­summerresidents,”­believes­Sergey­Fedorov,­promotion­directorat­Praktis­CB.­­
Project
Fakel­for­Gazprom
A­wellness­center­for­the­gas­monopoly’s­employees­willappear­in­Repino.­The­project­is­realized­by­the­Wellnessand­Rehabilitation­Center,­Fakel­Ltd.­This­company­wasallotted­a­49-ha­plot­on­Bolshoi­Prospekt­in­the­Repinodistrict­for­exploration.­According­to­open­sources,­Fakel­Ltd­was­founded­by­CJSC­Peterburggazstroy­(oneof­Gazprom's­contractors).­The­investor­is­going­to­builda­100,000-sq­m­center­for­the­gas­monopoly’s­employeesto­visit.­The­level­of­investment­nears­$200­million.­Last­August­Sadko-Management­(a­100-percent­subsidiary­of­the­Italian-Swiss­trust­holding­Sadko­Real­Estateor­SRE­registered­in­Luxembourg).­“This­is­a­project­ofour­partners,­namely­Peterburggazstroy,“­commented­Sadko-Management­CEO,­Albert­Frolov.­“They­haveample­resources­and­experience­to­realize­it­on­theirown.­The­project­has­just­been­started­so­the­involvement­of­Sadko­is­undecided.”­­
NEWS
MLP Utkina
Zavod takes in
pharma ceuticals
Novosibirsk-based­distributor­of­pharmaceuticals­
Katren­became­one­of­the­anchor­tenants­at­the­secondphase­of­the­warehousing­complex­MLP­–­Utkina­zavod,one­of­the­largest­logistics­properties­in­the­Russian­Northwest.­The­company­leased­6,000­sq­m­for­its­distribution­center.­The­sum­of­the­contract­is­estimatedat­$1­million­per­year.­This­is­one­of­the­largest­dealscut­in­this­segment­of­late.­The­opening­of­a­new­warehouse­is­related­to­Katren’s­business­expansion:­duringthe­last­year­alone­the­company’s­commodity­turnovergrew­by­more­than­30%.­Among­its­Petersburg­clientsare­pharmacy­chains­Pharmakor,­Pervaya­Pomosch­(First­
Aid),­Ozerki,­etc.­“One­of­the­main­location­criteria­for­
Katren­was­easy­access­to­transport­and­the­fact­thatthe­complex­lies­close­to­the­Ring­Road­(KAD)­and­
Murmansk­Shosse,”­says­Oleg­Barkov,­CEO­of­Knight­
Frank­SPb­(adviser­for­this­deal).­We­should­recall­that­
MLP­–­Utkina­zavod­is­an­A-class­complex­located­in­thearea­of­Novosaratovka­village,­Vsevolozhsk­district­ofthe­Leningrad­region.­The­gross­built­area­is­210,000­sqm,­including­the­127,000-sq­m­second­phase.­The­complex­was­built­in­2008;­the­level­of­investment­is­$150million.­­
81