Logoparks were sold by label – Newspaper Kommersant No. 57 (7502) dated 04/04/2023
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Closed-end mutual fund PNK Rental, where logoparks with a total area of more than 100,000 sq. m. are consolidated. m, not having time to announce its dissolution, has already found a buyer for some of these objects. They became the management company “Modern Real Estate Funds”, claiming 65 thousand square meters. m of storage space with a total value of 3.3 billion rubles. PNK Rental argued the closure of the fund by a multiple reduction in transactions with logoparks. However, experts believe that this sector, unlike other segments of commercial real estate, was the least affected by the new crisis.
Two sources of “Kommersant” in the real estate market said that logoparks with a total area of 65 thousand square meters. m of a closed-end real estate investment fund (ZPIF) PNK Rental, which announced its closure, will buy out the former Sberbank fund, Modern Real Estate Funds (SFN). PNK estimated these facilities at 3.3 billion rubles, follows from the information on the fund’s website. Another object located in the ZPIFN – “PNK Park Valishchevo” (37 thousand square meters) – will be transferred to the balance of the development company PNK, the interlocutors of Kommersant specified. The SFN and PNK declined to comment.
SFN manages several REITs that invest in shopping and entertainment, office centers and logistics complexes.
According to Kommersant’s estimate, the total amount of funds in all rental real estate funds of the management company at the end of 2022 amounted to 62.92 billion rubles.
This is the largest player among management companies of this type: the total volume of assets in the closed-end mutual funds market with commercial real estate at the end of last year amounted to 91.9 billion rubles. This is not the first purchase of SFN from PNK: for example, the company claims to purchase a 70,000 sq.m. m in the north of Moscow (see “Kommersant” dated March 13).
In March 2023, PNK announced the start of the procedure for closing its closed mutual fund, where logoparks with a total area of 104 thousand square meters are consolidated. m in New Moscow, Moscow region, St. Petersburg and Rostov-on-Don in the amount of 5.1 billion rubles. Then it was reported that the fund intends to sell the assets and pay the funds received to investors by the end of June this year. The company justified the closing of the fund by a multiple reduction in transactions between developers and future tenants for the construction of warehouses.
In 2022, due to the large volume of free ready-made logoparks, there was no need for contracts of this format: as a result, the volume of build-to-suit transactions (construction for a specific tenant) decreased six times, to 181,000 sq. m. m, calculated in NF Group. The narrowing of the sector deprives the fund of opportunities for portfolio diversification, PNK pointed out, and therefore the risk of untimely receipt of rental income increases many times over.
SimpleEstate CEO Nikita Kornienko believes that the closure of PNK Rental closed-end mutual funds is most likely due to the fact that the business did not live up to the expectations of the management company.
The company, when launching the fund, counted on a high increase in the value of net assets of 50–100 billion rubles, but in practice it turned out many times less, the expert notes. At the same time, according to him, the fund’s management fee was only 0.25%, which means that the company earned only 12.5 million rubles. in year.
The closure of the fund is associated with risk management, and not with the collapse of the warehouse real estate market, as this segment continues to develop actively, as evidenced by the low vacancy rate of such objects at 2%, agrees Alexey Novikov, managing partner of NF Group. Dmitry Kurbatsky, managing partner of the financial group Dmitry Donskoy, suggests that large shareholders of PNK Rental might need funds for new, more profitable projects.
PNK Group Marketing Director Alexander Dubrovin in an interview with the YouTube channel InvestFuture previously said that the company does not exclude the formation of new closed mutual funds. However, in this case, it will again take time to search for objects and attract investors, recalls Nikita Kornienko. At the same time, Head of Capital Markets and Investments at IBC Real Estate Mikayel Ghazaryan believes that during this time PNK Rental has formed a pool of loyal investors who are accustomed to a stable cash flow and will be ready to invest in the company’s new projects.
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