PIK Group bought part of the territory of a cognac factory in Krasnogorsk near Moscow

Housing developers, despite the tightening of conditions for preferential mortgages – the main sales tool, continue to replenish the land bank. PIK Group bought part of the territory of a cognac factory in Krasnogorsk near Moscow, where it is possible to build up to 140 thousand square meters. m of housing. Experts do not rule out that the developer may absorb the entire asset.

Part of the territory of the KiN wine and cognac factory (VKZ KiN) in Ilyinsky-Usovo near Krasnogorsk in the Moscow region was sold to a housing developer, a source in the real estate market told Kommersant. According to data from extracts from the Unified State Register of Real Estate, which Kommersant has, several plots with a total area of ​​3.4 hectares, free from development, have been owned by Koronella LLC since July 2023. This company, in turn, is controlled by the structures of Sergei Gordeev’s PIK Group, as follows from SPARK data.

Kommersant’s interlocutor at the market knows that this site is in the developer’s portfolio, but there are no plans for its development yet. Three more plots of 1.1 hectares, on which the plant building and warehouse are located, remained with the Alvisa Group of Companies, which owns the KiN VKZ, follows from extracts from the Unified State Register of Real Estate. PIK Group and Alvis did not provide comments.

VKZ “KiN” has existed since 1967. Before coming under the control of Alvisa, it was called Usovsky Wine and Cognac Cellars, producing cognac, vodka and liqueurs under the brands Graf Usov, Mobius and others.

Today, the company bottles Kinovsky cognac, which Alvisa bought from the Moscow wine and cognac factory KiN. According to data from market participants available to Kommersant, in January-July Alvisa, taking into account the KiN VKZ, produced more than 1 million dal of cognac. A Kommersant source on the alcohol market says that the plant continues to operate.

Initially, the plant owners wanted to sell the entire plant site for 4 billion rubles, Kommersant’s interlocutor familiar with the situation knows. However, according to him, this asset “was not worth more than 2 billion rubles.” PIK lands could cost 1.5 billion rubles, estimates Timur Ryvkin, director of the Nikoliers land development department. Not far from this location, PIK is already building the Ilyinskie Meadows complex, so the developer is consolidating land for its project, believes NF Group partner Olga Shirokova.

She believes that it is possible to build a residential complex on part of the 4-hectare plant territory. According to Timur Ryvkin’s calculations, 120–140 thousand square meters can be built there. m, investing 12–14 billion rubles in construction. In this case, the proceeds from the sale of apartments in the project will be 30–35 billion rubles, the expert believes.

Dmitry Shelkovsky, head of the land assets and development department of the capital markets and investment department of IBC Real Estate, does not rule out that this transaction is a multi-stage scheme, within which the developer will consolidate in the future the entire territory of the operating enterprise. In this case, PIK will pay an additional approximately 300–400 million rubles, says Andrey Trubachev, director of the investment and capital markets department at CORE.XP.

For the transaction, the developer will need to relocate production facilities, which is not difficult, but carries financial costs that will ultimately be taken into account in the total amount of the transaction, warns Mr. Shelkovsky. Ricci Partner | M&A Petr Vinogradov, on the contrary, believes that PIK will not buy the plant building, since the 1.1 hectare plot under it is “too small for any development.”

Daria Andrianova, Anatoly Kostyrev