Developers are looking for a good company

Against the backdrop of falling demand for new buildings and increasing risks, developers are beginning to actively attract partners to implement projects. Thus, RKS Development, together with Invest AG of Evraz shareholders Alexander Abramov and Alexander Frolov, can build almost 100 thousand square meters in the Nakhabino area. m of housing, the proceeds from the sale of which is estimated at 15 billion rubles. Experts expect an increase in the number of such partnerships.

The structure of Invest AG of Evraz shareholders Alexander Abramov and Alexander Frolov YURP Invest, together with RKS Development of the family of financier Igor Sagiryan, established RKS Nakhabino LLC on October 25. In the new company, partners own 40% and 60%, respectively, according to the Unified State Register of Legal Entities. RKS Development refused to comment on the joint venture, noting only that “they are considering various options for implementing projects, including attracting partner co-investors.” According to a company representative, the scheme of each project is determined individually. Invest AG did not answer Kommersant’s questions.

RKS builds housing in Anapa, Penza, Tver and Khanty-Mansiysk. According to its own data, the portfolio includes 20 projects with a total area of ​​1.1 million square meters. The company entered the market of the Moscow region in 2021, having bought 6.6 hectares in Vidnoye. RKS also helped Barkley complete the construction of the problematic Medovaya Dolina residential complex in New Moscow.

In the Nakhabino area in the Moscow region, the RCC already has a site. As follows from the presentation of the company (Kommersant has it), it is possible to build 95 thousand square meters there. m of housing, from the sale of which the developer plans to earn 15 billion rubles. Igor Talalov, head of the investment analysis group at Accent Capital, estimates the cost of the project at 10 billion rubles. Timur Ryvkin, Director of the Department of Housing and Land Development at Nikoliers, believes that the amount may be less – 7-8 billion rubles.

RKS and Invest AG already have experience of joint projects. The partners plan to develop 14.5 hectares near the Bulatnikovo station in the Vidnoye district, and also sell the Holiday House residential complex in the village of Sukko near Anapa. According to Timur Ryvkin, attracting a financial partner allows the developer to reduce risks, makes it possible to develop several sites in parallel, and provides additional resources for project preparation to the stage of permits.

Irina Dobrokhotova, Chairman of the Board of Directors of Best-Novostroy, adds that RKS wants to minimize the amount of expensive project financing by attracting a partner. In conditions of limited resources, the pooling of capital looks like a justified strategy, agrees Igor Talalov. In addition, the demand for new buildings is now declining. In the Moscow region in October 2022, the volume of sales of new buildings decreased by 24%, to 4.5 thousand lots year-on-year, calculated in Dataflat.ru.

Invest AG also has its own sites for housing construction. In August, the company bought 130 hectares in New Moscow from the Czech PPF Group leaving the Russian market. On this site it is possible to build 1.2 million square meters. m of housing, investments in which were estimated at more than 100 billion rubles. Closer to the start of work, Invest AG may also attract RKS for the implementation of the project in New Moscow, experts noted.

According to Igor Talalov, in the conditions of declining profitability of the development business, we should expect an increase in the number of partnerships and the pooling of capitals of various developers and investors. This trend has already begun. For example, in October, the developers “Rodina” and the MIC Group created a joint venture to develop several promising sites, planning to separate areas of work and investments. And at the beginning of 2022, Stone Hedge became a partner of PIK Group in the project for the construction of a business center with an area of ​​140 thousand square meters. m in the southwest of Moscow.

Daria Andrianova