Real estate investors appreciate the closed nature – Kommersant FM
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Shareholders of closed-end investment funds (closed-end investment funds) will have more opportunities in the Russian market for investing in real estate. Now this market is on the rise; for example, at the end of the year in Russia a record is expected for the construction of warehouses. This forecast is given by experts from Infoline. We are talking about almost 5 million square meters. m of storage. Namely, this type of commercial real estate is considered the most profitable among shareholders. What do closed-end real estate investment trusts offer? And what kind of profitability can you expect? Aelita Kurmukova found out.
The market for closed real estate mutual funds is quite young, and now there are almost 90 thousand such shareholders throughout Russia. It would seem that this is not a lot, but there is an important advantage: this instrument is available to unqualified investors. As a result, in the third quarter alone, according to the Central Bank, the number of shareholders of closed-end funds increased by 45% compared to the same period in 2022.
This growth is explained by the low entry threshold, says Kristina Nechaeva, executive director of Record Capital Management Company: “These indicators vary greatly depending on the project and management companies. There are options with 300 thousand rubles, somewhere from 30 thousand rubles. up to 50 thousand rubles.
Such a tool makes it possible to enter into a good, reliable long-term project with a smaller amount. The minimum share price when forming a fund is now 1 thousand rubles. At the same time, the amount can be replenished.”
And it works like this: a real estate fund is created, a management company attracts shareholders and uses their money to buy a collective asset – residential or commercial real estate. More often this is a ready-made object that can be rented out: business centers, retail space or warehouses. And you can immediately receive a guaranteed income, assures Elena Mikhailova, head of marketing research and analytics at Parus Asset Management: “64% of all assets are warehouse real estate. Why is that? There is zero vacancy, so demand is very high.
Rental income – from 9% to 12% – the shareholder receives either monthly or quarterly. At the same time, there is additional income – the difference in the value of the share.
That is, if you bought a share for 100 thousand rubles, and warehouse real estate has increased in value, then at the end of the year you can sell the share through your broker for 110 thousand rubles.”
At the same time, the average check for unqualified investors is 1 million rubles, for qualified ones – 15 million rubles, the expert emphasizes and adds that the total assets of such funds at the end of the year will amount to 300 billion rubles.
The number of shareholders in 2024, according to analysts, will grow by another 15-20%. But closed-end funds have their own characteristics: they are long-term investments, sometimes for 15 years, and withdrawing money earlier can be problematic.
But you can use other tools, noted Artem Tsogoev, a member of the board of directors of the Simple Estate investment platform: “There are four main options for investing in real estate – closed-end mutual funds, an investment platform, shares of development companies and bonds. We just need to remember that in relation to the latter there may be risks associated with borrower default.
At the same time, we have only five issuers from the real estate sector on our stock exchange: LSR, Samolet, PIK, Etalon and Ingrad. You can buy their shares. As for the investment platform, there is an option for 100 thousand rubles. buy a share in a joint stock company that owns, for example, a supermarket. Ready-made properties with tenants have a dividend yield of about 9%, while the value of the asset increases, respectively, the total income can exceed 15%.”
Such returns can now be obtained from bank deposits. But this is temporary: the head of the Central Bank, Elvira Nabiullina, said that the regulator was approaching the end of the rate increase cycle, raising it to 16%. But investing in real estate is still a long-term investment tool, albeit with a smaller, but stable income. Unless, of course, there are force majeure events.
Everything is clear with us – Telegram channel “Kommersant FM”.
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