German online retailer Otto sold all its assets in Russia
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The German online retailer Otto, which announced a year ago, along with other Western companies, that it was leaving the Russian market, managed to sell all its assets in the country – two warehouse complexes in the Tver region. Real estate with an estimated value of 2.3 billion rubles. the operator of multi-temperature warehouses Multicold got 50% cheaper. The new owner has already managed to hand over part of the space to the Ozon marketplace.
Two warehouse facilities with an area of 46.8 thousand square meters. m, which belonged to the online retailer Otto in the Tver region, was bought by the operator of multi-temperature warehouses Multicold, several sources told Kommersant in the real estate market. This is indirectly confirmed by data from SPARK-Interfax, according to which Alexei Mitrokhin, a top manager of Multicold, became the CEO of Business Service LLC, which has one of the warehouses on its balance sheet, in May.
Multicold confirmed to Kommersant the fact of the deal, without disclosing details. Otto did not respond to a request.
The German online retailer Otto Group has been operating in Russia since 1990. The company developed the brands Otto, Bonprix and Quelle Russia. In 2018, the group closed the Russian online stores Quelle and Otto. In July 2022, against the background of the geopolitical conflict, Otto Group also closed Bonprix, completely leaving the Russian market.
Multicold is a structure of the Russian developer RAM Group, which has been building and leasing warehouses since 2011. The operator is developing a network of multi-temperature distribution centers providing refrigerated warehouse space. In Moscow and the Moscow region, the company, according to its own data, has a total area of 185 thousand square meters of such facilities. m.
According to Egor Dorofeev, Head of the Warehouse and Industrial Real Estate Department of the Commonwealth Partnership, high-quality warehouses in the Tver region now cost from 50,000 rubles. for 1 sq. m, that is, the new owner could pay 2.3 billion rubles for all Otto objects. But in this situation, the object was purchased at a discount, which has become a common practice in transactions with the assets of outgoing foreign companies, he said. When buying the assets of a foreign player, the cost could be 50% of the market value of the transaction, reminds partner Ricci | Consulting and evaluation” Yana Kuzina.
According to a Kommersant source in the real estate market, the former Otto warehouses were not filled with tenants at the time of the transaction. However, after the purchase of Multicold, he handed over 7 thousand square meters. m in one of the complexes of the Internet company Ozon at a rate below the market. Ozon confirmed this information. The remaining areas will be offered at a rate of 7 thousand rubles. for 1 sq. m annually, the interlocutor of Kommersant said. That is, Multicold’s income from the lease of former Otto warehouses can reach 322 million rubles. in year.
The purchase of another object by the operator of multi-temperature warehouses is necessary to increase and diversify the portfolio, Egor Dorofeev states. In conditions of high demand and a minimum share of free warehouses in the region, this becomes especially important, adds NF Group partner Konstantin Fomichenko. According to him, the Tver region, due to its position, is close to major transport routes.
According to NF Group, there are now many requests from companies to rent warehouses in the region, while the vacancy in the segment of high-quality warehouses is almost zero. In addition, the market is dominated by companies’ own warehouses, while there are much fewer speculative objects.
Against the backdrop of a severe shortage of space in the Moscow market, tenants for whom location is less important may consider placing in the nearest regions, including Tver, Anton Alyabyev, senior director of the CORE.XP warehouse and industrial real estate department, notes. According to NF Group, by the end of March, only 1.6% of the total supply of free space remained in Moscow and the Moscow region.
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