Developer Sminex wants to buy the territory of the former Moscow Silk enterprise

The development company Sminex of Alexey Tulupov can buy the territory of the former Moscow Silk textile enterprise from the structures of Gavriil Yushvaev. The value of this asset is 5.6 hectares on Savinskaya Embankment in the center of Moscow. Experts estimate the cost of the site where it is possible to build a premium residential complex at more than 20 billion rubles. But the architectural value of former factory buildings may complicate development.

The Federal Antimonopoly Service received from Specialized Developer Kvant LLC a petition to acquire 100% of the shares of Moscow Silk JSC. According to Kartoteka.ru, “Kvant” through a chain of legal entities belongs to Sminex of Alexey Tulupov. Sminex declined to comment. Moscow Silk did not answer Kommersant’s questions.

Moscow Silk operates a complex on Savinskaya Embankment in Khamovniki in the center of Moscow. We are talking about a plot of 5.6 hectares, on which 18 buildings (79 thousand sq. m.) are located. Since 1820, a textile enterprise operated here, repurposed in the 1990s. Now the objects are rented out as administrative premises. Moscow Silk found itself at the center of a scandal in 2013 amid a conflict over the resettlement of the enterprise’s dormitory. In 2022, the building with the portrait of Hermann Hesse on the facade was demolished. Then representatives of the public movement “Arkhnadzor” stated that there were valuable buildings among the production buildings.

According to GIS OGD data, several buildings of Moscow Silk are now considered objects of the historical and urban planning environment. The status of a monument will be a serious obstacle to development, warns managing partner of bnMAP.pro Irina Dobrokhotova.

Now the owners of Moscow Silk JSC are Lina Ermochenko (75% of shares) and Ilya Yushvaev (25%). Mrs. Ermochenko is a business partner of Gabriel Yushvaev: according to Kartoteka.ru, they together were co-founders of a number of LLCs, including “Prichal”, “Restaurant “Veterok””, “Station”, “Fish farm “Narskie Islands””. Ilya Yushvaev is the son of Gabriel Yushvaev, who previously developed Wimm-Bill-Dann together with David Yakobashvili. It was not possible to contact Mr. Yushvaev.

Sminex has existed since 2007, specializing in the construction of high-budget housing and office buildings. In 2022, the company bought out the business of another large developer, Inteko. Their total sold portfolio amounted to 7.7 million sq. m. m.

Kommersant’s interlocutor on the real estate market estimates the current value of Moscow Silk buildings at 320–350 thousand rubles. for 1 sq. m. Based on this, the entire complex could cost 25.5–27.7 billion rubles. Managing partner of Meta Group of Companies Maxim Leshchev believes that the cost of the site could be 20–25 billion rubles. subject to permitting documentation.

Another Kommersant source in the real estate market notes that the prospects for selling elite or premium housing on the site of Moscow Silk have been discussed for a long time. NF Group partner Olga Shirokova calls Khamovniki an area in demand among buyers of expensive real estate: in 2023, it accounted for 20% of primary transactions in the segment. The expert draws attention to the fact that two projects from Level Group and one from Donstroy are already being implemented next to Moscow Silk.

Executive Director of NDV Supermarket Real Estate Tatyana Podkidysheva believes that 80-90 thousand square meters can be built on the Moscow Silk site. m. “This should be a low-rise project with apartments ranging from 80 to 300 square meters. m with views of the Moscow River,” she says. The expert explains that the weighted average cost of luxury new buildings in Khamovniki is now 2.2 million rubles. for 1 sq. m. The budget for purchasing an apartment in this area varies from 31 million rubles. up to 2.2 billion rubles. Irina Dobrokhotova adds that in total, 22 buildings in 14 projects are now on display in Khamovniki. Senior Director of CORE.XP Marina Malakhatko does not rule out that the site can also continue to be developed as an office cluster.

Alexandra Mertsalova, Anatoly Kostyrev