RZD-Real Estate will develop 300 hectares of six freight yards in Moscow
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RZD-Real Estate is preparing to develop the territory of six freight yards in Moscow with a total area of 300 hectares. A total of about 2.5 million square meters may appear in these areas. m of various real estate, the construction of which will require an estimated 380 billion rubles. Experts believe that the state-owned company can attract third-party developers to implement it, as in the case of the gentrification project of the former Riga Freight Yard.
Since the beginning of this year, Russian Railways Real Estate has begun preparing documentation for the development of almost 300 hectares in Moscow, where freight yards are now located, Kommersant calculated based on orders from the Moscow Committee for Architecture. The documents concern planning projects for the territory of the cargo yards “Moscow-Tovarnaya-Kievskaya” (49.45 hectares), “Moscow II-Mitkovo” near the Sokolniki metro station (32.47 hectares), “Moscow-Butyrskaya” near the Savelovsky station (36 .7 hectares), “Moscow-Tovarnaya-Paveletskaya” (94.98 hectares), “Moscow-Tovarnaya-Ryazanskaya” of the Kazan direction (31.98 hectares) and “Moscow-Tovarnaya-Smolenskaya” near the Belorussky railway station (53.86 hectares ). The Moscow Architecture Committee did not respond to Kommersant’s request.
JSC Russian Railways told Kommersant that in November 2022, 100% of the shares in Russian Railways-Real Estate were sold beyond the perimeter of the holding. In this regard, they added, the approval of development parameters takes place without the participation of Russian Railways. RZD-Real Estate could not be reached for comment.
According to SPARK, since October 2023, Russian Railways-Real Estate, through LLC TR-1 and TR-2, has owned the closed mutual fund Territory of Development under the management of AAA Capital Management JSC. This company, in turn, is owned by structures of Gazprombank, where they did not promptly respond to Kommersant’s request.
According to the founder of Best-Novostroy, Irina Dobrokhotova, 2.5 million square meters can be built on 300 hectares. m, of which 1.5 million sq. m – housing, with an investment volume of approximately 380 billion rubles. Revenue from the sale of all real estate is possible at the level of 775 billion rubles, the expert adds. The only disadvantage of the plots is their proximity to the railway, notes Alexander Pakholenko, general director of OM Development.
Taking into account the experience of developing the Riga Freight Yard (RGD), Russian Railways Real Estate will probably attract a pool of professional companies to develop other sites, notes Timur Ryvkin, director of the Nikoliers residential real estate development department. Thus, the development of the RGD is carried out by RG-Development. In the future, any major player in the capital’s market can become a partner, says NF Group partner Olga Shirokova.
Alexander Pakholenko, on the contrary, believes that RZD-Nedvizhimost can independently develop freight yards and sell real estate if it strengthens the team with top managers who have already proven themselves in the office and residential real estate market. However, the expert continues, even a large company cannot bring such a portfolio of projects to the market at once. Under a conservative scenario, it will take up to 12 years to develop the sites of all cargo yards, Ms. Dobrokhotova believes.
However, ambitious freight yard development plans may not materialize as originally planned. This happened with the former Riga freight yard, where it was originally planned to build 457 thousand square meters. m of offices, of which 218 thousand sq. m were to be used to accommodate more than 10 thousand employees of Russian Railways. However, at the beginning of 2023, Russian Railways told Kommersant that the construction of its headquarters was “the most effective option” in 2020, but taking into account “the latest changes in the capital’s commercial real estate market and the situation in the construction industry,” the holding began to work on an alternative option with rental of office space. Now a state-owned company can occupy more than 200 thousand square meters. m in the Moscow Towers tower under construction in the Moscow City business center (see Kommersant on March 7).
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