GC “Kyiv Ploshchad” bought the Central Children’s Store
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The Kyiv Ploshchad Group of Companies, founded by God Nisanov and Zarakh Iliev, which owns the building of the Ukraine Hotel, has another famous object. The group bought from Hals-Development the Central Children’s Store (TsDM, the former central department store Detsky Mir) on Lubyanka with a total area of more than 74 thousand square meters. m, the cost estimates of which start at 9 billion rubles. This is a complex in demand among tenants, but due to the specific layout it has little-traveled areas, experts say.
The Kyiv Ploshchad Group of Companies, founded by God Nisanov and Zarakh Iliev, acquired the Central Children’s Store on Lubyanka in Moscow, the group reported on Friday. The terms of the deal were not disclosed there. The former owner of the property, Hals-Development Group of Companies, declined to comment. Director of the Nikoliers Capital Markets Department Denis Platov estimated the value of the asset at 23–25 billion rubles.
Although the head of the capital markets and investment department of IBC Real Estate, Mikael Kazaryan, believes that the CDM could cost 9–10 billion rubles.
The Central Children’s Museum (until 2015 it worked under the sign “Children’s World”) was built in 1957 on the site of the Lubyansky Passage according to the design of the architect Alexei Dushkin, the former chief architect of Metroproject and Metrostroy. In 2005, the building received the status of a cultural heritage site of regional significance. In 2008, Detsky Mir was closed for reconstruction; Hals-Development announced the completion of the work at the end of 2014. The developer estimated the costs at approximately 8 billion rubles. (see “Kommersant” dated December 24, 2014).
As stated on the website of the Hals-Development Group of Companies, today TsDM is the largest specialized children’s shopping complex in Russia. Includes more than 140 shops, cafes, restaurants, and family entertainment facilities. Total area – 74.11 thousand square meters. m, retail – 34.5 thousand sq. m. m. The founder of LLC “TsDM na Lubyanka”, which owns the building, is listed in the Unified State Register of Legal Entities as the closed mutual fund “Developer Assets” under the management of “Balance Asset Management”.
In 2023, CDM on Lubyanka’s rental revenue increased by 6.38% year-on-year, to RUB 1.13 billion.
“Kyiv Ploshchad” ranks first in the rentier rating according to Forbes; in 2024, the publication estimated the group’s income from leasing real estate at $1.76 billion. The largest objects are the “Gardener” market, “Foodcity”, shopping centers “European”, “ Riviera”, gastronomic quarter “Depo”, etc. Kommersant’s sources also spoke about Kievskaya Ploshchad’s plans to buy from the Chinese Vanke Group the project for the restoration of the Imperial Orphanage near Zaryadye Park near the Kremlin (see “Kommersant” dated April 1).
As Denis Platov notes, the Central Children’s Museum is distinguished primarily by its unique location and history. After the reconstruction, the efficiency of the project increased, and for Hals-Development the sale logically completes the cycle of work on the facility, he points out. And Kievskaya Ploshchad, with its experience in managing retail real estate, believes Mr. Platov, can see the potential for capitalization growth in CDM.
Managing partner of Vanchugov and Partners, Alexey Vanchugov, believes that the deal is largely due to the buyer’s excess ruble liquidity, the flow of which is generated by other assets. The purchase of a well-known property in the center of Moscow, according to him, can also be part of a GR strategy, similar to previous purchases: the acquisition by Kievskaya Ploshchad of the Ukraine Hotel building and Moskvarium. According to Mr. Vanchugov, the Central Children’s House is generally in demand among tenants, but due to the peculiarities of its layout, it has areas that are rarely visited. Because of this, the complex houses, in particular, discount centers and fitness studios, he points out. The payback period for the deal, according to the expert, will be at least 12–15 years.
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