Invest AG will develop the Czech land

The Czech PPF Group, which plans to sell its assets in Russia and leave the market, has managed to sell 130 hectares in New Moscow, where 1.2 million square meters can be built. m of housing. The new owner of the site is Invest AG of Alexander Abramov and Alexander Frolov, which has recently been actively investing in residential real estate projects. But problems may arise with the former PPF Group site – the buyer will have to continue the trial with the former applicant for the asset, demanding 400 million rubles. for breaking the deal.

Invest AG of Evraz shareholders Alexander Abramov and Alexander Frolov, through RCC LLC controlled by them, on August 12 became the owner of 100% of ISK Klokovo LLC, which owns 130 hectares in New Moscow, found “Kommersant” in the data of the Unified State Register of Legal Entities in SPARK-Interfax. The former owner of the company is the Czech PPF Group of the family of billionaire Petr Kelner, who died in a plane crash. Invest AG did not respond to Kommersant’s request, PPF declined to comment.

PPF planned to raise 3.6 billion rubles for this site, Kommersant’s sources in the real estate market said earlier. But Timur Ryvkin, director of the land development department at Nikoliers, estimates its market value at 2–2.5 billion rubles. According to a Kommersant source familiar with the asset, a project of 1.2 million square meters was planned on this site. m of housing, investments in which were estimated at more than 100 billion rubles.

Invest AG purchase is necessary for the development of a portfolio of residential projects, says Timur Ryvkin. This is not the first time the company has invested in housing construction. At the beginning of 2022, she bought out a 40% stake in the complex project for 139 thousand square meters. m in the area of ​​Vidnoye near Moscow, the main owner of which is RKS Development of the family of financier Igor Sagiryan. Invest AG and RKS Development are long-term partners who jointly built the Holiday House residential complex in the village of Sukko in the Anapa region. Mr. Ryvkin does not rule out that closer to the start of construction, Invest AG may attract a partner to implement the project in New Moscow.

PPF Group plans to sell all assets in Russia and leave the market, Kommersant’s interlocutors in the real estate market reported earlier. The land bank in the regions of the Russian Federation and the project for the construction of the Homecity residential complex in New Moscow have already been transferred to the ICT group of Alexander Nesis, and the company’s largest commercial property is a 650,000-sq. m “South Gate” in the Moscow region – can be sold to the developer of luxury housing Vesper. Until now, PPF has not been able to find buyers for a stake in the metropolitan business park “Metropolis” near the metro station “Voikovskaya”, for the Comcity office complex in New Moscow, the Nevsky shopping center in St. Petersburg and a number of other assets, market consultants specify real estate.

PPF planned to sell the land in New Moscow even before the start of military operations of the Russian Federation in Ukraine. As Kommersant found out, at the end of 2021, the Czech group agreed to sell the asset with Andrey Koshkin’s Yard developer in St. Petersburg, but the deal fell through. Now Yard is trying to recover 400 million rubles in court from ISK Klokovo LLC. According to sources, Kommersant, which has European owners, PPF had to agree on the closing of the deal with the government commission, but did not. However, the buyer himself could refuse to buy due to changes in market conditions: against the backdrop of a decrease in demand for housing, prices for building sites are declining. Andrei Koshkin declined to comment.

Kommersant’s interlocutor, who is familiar with the course of the court case, says that now Yard’s demands will be transferred to Invest AG. If the new owner had acquired the site by concluding a sale and purchase agreement, and not by transferring shares in the legal entity that owns the object, then he could have avoided litigation with Yard and PPF would have had to resolve this conflict on its own, says Rustam Kurmaev, a lawyer for the firm. and partners” Yaroslav Shitsle. Although, he does not exclude, the transaction could be more complicated than the transfer of a share in the authorized capital. The price of the transaction between PPF and Invest AG, Timur Ryvkin believes, could take into account the risks of paying 400 million rubles. developer “Yard” in case of loss.

Daria Andrianova