“Patriot” goes on sale – Newspaper Kommersant No. 63 (7508) dated 04/12/2023
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Sminex Alexey Tulupov, not having time to buy out Inteko, decided to get rid of part of its assets. The company intends to sell the entire Patriot business, on the basis of which the founder of Inteko, Elena Baturina, tried to create a major regional player in the real estate market. Moscow developers are not always able to withstand competition outside the capital, where the positions of local companies are strong, experts explain.
The fact that Sminex decided to sell the Patriot company, which is building housing in Rostov-on-Don, was told by a Kommersant source in the market. This asset went to the developer at the end of 2022 as a result of the purchase transaction for 38 billion rubles. Bank “Trust” business “Inteko”. The interlocutor of “Kommersant” clarifies that next week a Patriot road-show is planned for potential buyers. Information about the sale of Patriot to Kommersant was confirmed by the sales director of Sminex-Inteko Ivan Obukhov.
Back in 2010, the former owner of Inteko, Elena Baturina, intended to create a joint venture with VEB.RF on the basis of Patriot for the construction of mass housing in the regions (see Kommersant dated May 19, 2010). But a year later, she sold her entire development business to the then owner of Binbank, Mikail Shishkhanov, and the idea of creating a joint venture was dropped. In 2018, Trust Bank received control over Inteko as part of the restructuring of Binbank’s debts.
According to Mr. Obukhov, Sminex-Inteko intends to sell the assets of Patriot in a single lot for 3 billion rubles. The deal will include 100 hectares near the Rostov Sea, the 5th Element and Leventsovka Park residential complexes in the Leventsovsky microdistrict of Rostov-on-Don, where 300 thousand square meters are currently being built. m. Also included in the “Patriot” large-panel housing construction plant (KKPD) will be sold, the capacity of which allows the production of reinforced concrete products for the construction of 140 thousand square meters. m of housing per year, design institute YURNIiPIG and “Patriot-Service”, managing 1.37 million square meters. m of built housing. Sminex-Inteko claims that, taking into account promising sites, the planned revenue of the Rostov development business Inteko in the next five years can reach 45 billion rubles.
Andrey Tonkonogov, partner at Technology of Trust (former PwC), calls the requested amount “adequate to the regional market”, taking into account the marginality of housing construction in the Rostov region of 5-10%. This is noticeably lower than in Moscow, where a deal with similar parameters would have been much more expensive. In addition, the potential buyer will retain the obligation to complete the residential projects previously started by Patriot, which will also require certain costs, the expert adds.
The sale of the Rostov business fits into the strategy of Sminex-Inteko, which is focused on the construction of high-end housing in Moscow, says Olga Shirokova, partner at NF Group. At the same time, she calls the Rostov market capital-intensive. According to Nash.Dom.RF, 2.44 million square meters are currently being built in the region. m of housing, and the average prices in new buildings, according to the calculations of “CIAN. Analysts”, for 2022 increased by 10%, to 122 thousand rubles. for 1 sq. m.
According to Ms. Shirokova, potential buyers of Patriot could be developers included in the top 5 of the regional market, which, using the assets of Patriot, will be able to increase their production capacity. According to Nash.Dom.RF, the major housing developers in the region are MSC with a share of 20.6%, Yugstroyinvest (12.17%) and SMU-1 Rostov (7.2%). These companies did not respond to Kommersant’s request.
Sminex bought Inteko for its nine sites in Moscow, where 1.4 million square meters can be built. m, and during negotiations with Trust, he tried to refuse to include Patriot in the deal for Inteko, confirms a Kommersant source familiar with the situation. According to him, in order to develop business in Rostov-on-Don, Sminex would need to strengthen the regional team to obtain building permits for sites that have not yet been developed. Moscow developers are not always able to work successfully in regional markets, Tatiana Polidi, Vice President of the Institute for Urban Economics, agrees: “In a number of regions, there is high competition from local players.”
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