A warehouse complex will be built for the DIY retailer VseInstrumenty.ru in the Moscow region
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The lack of free space in logoparks forces potential tenants to order the construction of such facilities from developers. For example, the DIY retailer VseInstrumenty.ru will lease a 110,000-sq. m, which will be built by A2 Group specifically for the company. Experts believe that due to the expected increase in funding after the recent increase in the key rate by the Central Bank, developers may abandon speculative transactions, focusing on the construction of warehouse complexes for specific customers.
DIY retailer VseInstrumenty.ru signed a lease agreement for a warehouse under construction for 110,000 sq. m. m in the Obukhovo logistics center, 45 km from the Moscow Ring Road along the Gorky Highway, Kommersant was told in the company and confirmed in IBC Real Estate (transaction consultant). The A2 Group, which is building the facility, did not respond to Kommersant’s request.
A2 Group is building logoparks in Krasnodar, Rostov-on-Don and other cities. “Obukhovo” with a total area of 370 thousand square meters. m – the first object of the company in the Moscow region. Initially, AliExpress was supposed to become one of the large tenants of this complex, but in 2022 the marketplace refused the deal, Vedomosti reported at the time. At the end of 2022, 110 thousand sq. m in “Obukhovo” rented Ozon.
VseInstrumenty.ru is one of the largest online DIY retailers. In 2022, the company’s revenue grew by 52% year-on-year, to RUB 56.2 billion, while net profit decreased by 59%, to RUB 695.5 million, follows from Kartoteka.ru.
Artem Serenkov, Product Development Director of VseInstrumenty.ru, says that the future facility will allow the retailer to increase storage capacity. The Gorkovskoye highway provides direct access to the Urals, Siberia and the Far East, and when the Moscow-Kazan-Yekaterinburg high-speed route is launched, it is possible to reduce the time of delivery of goods to the regions, adds Evgeny Bumagin, head of the department for working with warehouse and industrial premises at IBC Real Estate.
The rental rate in “Obukhovo” could be 6-6.5 thousand rubles. for 1 sq. m per year, says NF Group partner Konstantin Fomichenko. Thus, VseInstrumenty.ru will pay 660–715 million rubles for the warehouse lease. in year. Now a deal in the built-to-suit format (BTS; construction for a specific customer) is the only way to get a large-capacity warehouse, says Alexander Perfilyev, commercial director of the Dmitrov Logistics Park. According to CORE.XP, no more than 0.8% of the space is vacant in the logoparks of Moscow and the Moscow region. However, this year the consultants expected that the share of BTS projects put into operation would be the lowest since 2018 – only 40% of the 1.4 million sq. m, everything else is speculative projects (see Kommersant of July 31).
However, with the growth of the key rate of the Central Bank to 12%, the situation may change. In the context of a noticeable appreciation of the dollar and rising cost of debt financing, there is a high probability of prolongation of the completion of the construction of a number of speculative objects, says Tatyana Divina, head of research and analytics at CMWP. Therefore, she does not rule out that more warehouses in the BTS format may be built by the end of this year.
The increase in the cost of credit funds “kills the financial model” of both speculative development and the BTS model, since current rental rates will not allow servicing interest on the loan, notes Andrey Postnikov, General Director of Orientir. The implementation of objects for a specific customer is less risky for the developer, since the complex is guaranteed to generate income, Tatyana Divina believes. But at the same time, she continues, the fixed rental rate may not cover skyrocketing construction costs. In this case, sums up Anton Alyabyev, head of the CORE.XP warehouse and industrial real estate department, developers will raise rental rates for new projects.
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