Radius Group will build a logo park with an area of 270 thousand square meters. m on 50 hectares in the Dmitrovsky district of the Moscow region
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The warehouse developer Radius Group, founded including by British investors, decided after the outbreak of hostilities in Ukraine to concentrate its business in Dubai and Abu Dhabi, returning to the Russian Federation. The company, which now belongs only to Russians, plans to launch a new project worth 16–18 billion rubles in the north of the Moscow region. Experts warn about the risks of rising construction costs, but note that these costs will be reflected in rental rates.
Radius Group will build a logo park with an area of 270 thousand square meters. m on 50 hectares in the village of Bely Rast, Dmitrovsky district, Moscow region, 35 km from the Moscow Ring Road, the company told Kommersant. According to Radius Group CEO Zakhar Valkov, the project, called “Northern Gate,” will be implemented in 2024–2029, both for rent on the free market and for specific customers. NF Group partner Konstantin Fomichenko estimates the volume of investment in the construction of the facility at 16–18 billion rubles.
Radius Group was founded in 2006, including by a number of investors from the UK. The company’s largest facility in the Russian Federation was the South Gate logopark with a total area of 460 thousand square meters. m in the Moscow region. The developer owned this property jointly with the Czech PPF Group, which, after the outbreak of the military conflict between the Russian Federation and Ukraine, decided to sell all its Russian assets.
At the end of 2022, the Southern Gate complex was fully sold to the Ventall group for an estimated RUB 18–23 billion. Later it became known that Radius Group intends to reduce its presence in the Russian market, concentrating on work, in particular, in the UAE, where the developer plans to build 500 thousand warehouses in Dubai and Abu Dhabi.
Now, according to Kartoteka.ru, 51% of Radius Group LLC belongs to Natalie Simons, the remaining 49% belongs to the family of the company’s general director, Zakhar Valkov. Returning to the implementation of projects on the Russian market for a company founded by British investors now does not carry any risks, says Union Brokers CEO Oleg Grigoriev. According to him, it is obvious that the company has been completely transferred to beneficiaries with Russian citizenship, and maintaining the previous brand will not affect the implementation of projects abroad.
Mr. Valkov explains his return to the Russian market in general and the Moscow region in particular by the fact that the capital region “remains the country’s leading logistics hub.” There is a consistently high demand for high-quality warehouse space here, low vacancies remain, and new supply, due to objective economic factors, appears on the market at a “very moderate pace,” he adds. According to NF Group, the share of vacant space in logoparks in Moscow and the Moscow region is less than 0.1%.
According to consultants, by the end of 2024 the market will be replenished with new projects with a total area of 2.1 million square meters. m, however, of this volume, 70% were contracted by the end of 2023. Nowadays, most developers build warehouses mainly for specific customers, explains CMWP partner Egor Dorofeev.
At the same time, building rental properties on the free market may be more profitable. With rising costs, speculative construction may become the right strategy, since by the end of the project rental rates will most likely increase further, says Evgeniy Bumagin, head of warehouse and industrial premises at IBC Real Estate. In 2023, the rental rate for premises in logoparks in Moscow and the Moscow region increased by more than one and a half times, to 8.5 thousand rubles. for 1 sq. m per year, calculated by NF Group.
Against this background, large owners of warehouse complexes began to reconsider the terms of contracts concluded with tenants until 2021–2022, increasing the rental rate to the current market level (see Kommersant on March 15). Egor Dorofeev is confident that the imbalance of supply and demand will continue in the next three years. Konstantin Fomichenko does not exclude that saturation in the warehouse market will occur no earlier than in seven years.
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