It doesn’t work out for foreigners in Russia – Newspaper Kommersant No. 42 (7487) of 03/14/2023
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Large foreign owners of commercial real estate continue to leave the Russian market. Thus, the manager of warehouse complexes in Europe, Logicor, sold the Velikorp complex in St. Petersburg with an area of more than 40 thousand square meters. m of Central Properties. The asset is interesting for the presence of large tenants, but may require investments in modernization.
Central Properties has acquired the Velikorp warehouse complex in St. Petersburg from Logicor, two sources in the warehouse real estate market told Kommersant. Aleksey Sivyakov, a member of the board of directors of Central Properties, confirmed to Kommersant the fact of the deal, without revealing the details.
“Vailcorp” with an area of more than 41 thousand square meters. m was commissioned in 2008. Located on the Moscow highway in Shushary, 4 km from the Ring Road of St. Petersburg. The complex was the only Logicor facility in Russia. Ilya Knyazev, head of warehouse and industrial real estate at NF Group in St. Petersburg, says that the company’s exit from the country is likely related to the 2022 crisis, since the group had no such plans before. Logicor did not answer Kommersant’s questions.
Logicor is one of the largest warehouse developers in Europe, managing more than 20 million sq. m. m of space in the UK, France, Spain, etc. The group’s net operating income in 2022 was €665 million, the value of assets was €15.4 billion. blackstone.
Central Properties invests in warehouse, office and retail real estate in Moscow, St. Petersburg and other regions. Its portfolio includes 850 thousand square meters. m of commercial space. The company is owned by Denis Stepanov and Sergey Egorov, who are also owners of Parus Asset Management. Forbes estimated Central Properties’ income from property rentals in 2022 at $110 million.
The head of the IBC Real Estate branch in St. Petersburg, Sergey Vladimirov, estimates the value of Veilcorp at 1.7-1.8 billion rubles. According to his estimates, investments in the purchase of an asset can pay off in 7-8 years. Aleksey Fedorov, director of the real estate investment department at Maris, believes that the market price of the warehouse complex is in the range of 2.7–3 billion rubles, but the deal with Central Properties went through with a 20–25% discount.
Aleksey Sivyakov says that “Vailcorp” will be included in the closed-end mutual investment fund (CPIF) Parus Asset Management and offered to private investors. As Philip Chaika, head of the warehouse and industrial real estate department at IPG.Estate, notes, this is an attractive property, which is almost always filled with three or four large tenants. In 2021, more than 9.8 thousand sq. m in the warehouse complex was rented by the manufacturer of industrial plastic packaging Tara.ru, said the transaction consultant Bright Rich | CORFAC International. Another 13.6 thousand square meters. m is occupied by the logistics company DLG Logistics. But, Sergey Vladimirov warns, “Veilcorp” has a long history of operation, so additional costs may be required to modernize the complex.
According to NF Group estimates, in 2022 investors invested RUB 10 billion in warehouse complexes in St. Petersburg, which is in line with the previous year. Alexey Fedorov says that buyers have increased the requirements for the profitability of warehouse facilities from 11% to 12-13%.
According to Accent Capital, closed-end investment funds are experiencing a shortage of high-quality facilities with a stable pool of tenants, and it is warehouse facilities that become the optimal investment. Thus, the sources said, MC Modern Real Estate Funds, which was previously part of the Sberbank group, can buy out 70 thousand square meters. m in the warehouse complex “PNK Park Medvedkovo” in the north of Moscow.
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