Courtyard developers – Kommersant

V2 Group, having bought out at the beginning of this year the project of creating an elite residential complex on the site of the Kokorevsky Compound across the Moscow River from the Kremlin, attracted Hutton as a fee-developer. Investments are estimated at more than 13 billion rubles. However, the costs may be higher, as the object has the status of an architectural monument, experts warn. In their opinion, Hutton does not have much experience in such projects, but the company could offer a lower cost for its services than large fee-developers.

Hutton will become the fee-developer of the V2 Group-owned project for the restoration of the historical complex of the Kokorevsky Compound on Sofiyskaya Embankment, on the opposite bank of the Moscow River from the Kremlin. This was reported to Kommersant by the parties to the transaction. Ilya Davydik, CEO of Hutton, specified that the company will take over the management of the project from the moment it receives permission for restoration to the commissioning of the facility and the transfer of apartments to equity holders.

V2 Group is owned by Viktor Fominykh and Vitaly Groznov. They also own 25% each of Gravion Realty, a Gravion Group structure founded by former Tekta Group top manager Yuri Nemanezhin. V2 Group claims that Gravion has nothing to do with the site on Sofiyskaya Embankment.

The project for the restoration of the Kokorevsky Compound was bought by V2 Group at the beginning of this year for an estimated 4.5-5 billion rubles. from MR Group (see Kommersant dated January 25). In turn, Hutton has close ties to the MR Group. The founders of Hutton are Vladimir Timokhin, son of MR Group co-owner Roman Timokhin, Ilya Davydik, son of Loco-Bank shareholder Vladimir Davydik, and their partner Alexander Antonov. The company builds club houses and offices, including Forum 1914 on the Garden Ring, Tsvet 32 ​​on Tsvetnoy Boulevard.

Initially, on the site of the Kokorevsky Compound, an apart-complex for 15 thousand square meters was planned. m. Now, according to the head of Moskomstroyinvest Anastasia Pyatova, this place will be a residential complex. The total area of ​​the elite facility after the completion of the work will already be 18.7 thousand square meters. m, specified in Hutton. They added that V2 Group will invest more than 13 billion rubles in the project, Sberbank will act as a financial partner.

The proceeds from the sale of housing in the project may amount to 20-22 billion rubles, partner Ricci calculated | M&A Petr Vinogradov. According to him, Hutton can count on 1-2.2 billion rubles as a reward for fee-development.

The complex of Kokorevsky Compound is an object of cultural heritage, which means a significant increase in project costs, says Ekaterina Rumyantseva, founder of Kalinka. In addition, Nikolay Goryunov, director of the capital markets and investments department at IBC Real Estate, believes that for a bank providing financing for a project, it is more preferable to separate the functions of an investor and a fee-developer.

This is important in the face of declining demand for housing. According to NF Group, in the first quarter of 2023, sales of elite new buildings in Moscow did not exceed 140 lots, which is half as much year-on-year. In addition, in the vicinity of the Kokorevsky Compound, where the Tsar’s Garden, Golden and Sophia projects are being implemented, there is high competition, recalls Ms. Rumyantseva.

However, it would be more logical to involve MR Group in this project, which has a division specializing in elite projects – MR Private, says the interlocutor of Kommersant in the real estate market. Most likely, the more loyal fee-development cost offered by Hutton turned out to be the determining factor in choosing a partner, suggests ILM CEO Ivan Ivliev.

Investors often involve fee developers in their projects. For example, Sergey Gordeev’s PIK Group is building a number of projects of Roman Avdeev’s Ingrad Group and Pavel Te’s Capital Group, and MR Group is building the Slava apart-complex for VEB.

Daria Andrianova