Sber bought six shopping centers in Moscow with an area of more than 450 thousand square meters from the TEN group. m
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Despite the fact that the retail real estate market is going through difficult times, Sber has acquired six Moscow complexes with a total area of over 450 thousand square meters. m, the estimated value of which exceeds 20 billion rubles. The former owner of these properties, the development group TEN, was unable to sell them at open auction. Kommersant’s sources do not rule out that the deal took place as part of a loan restructuring. Now these shopping centers are morally and physically outdated, so the chance of selling them to an outside investor is minimal, experts warn.
As Sberbank told Kommersant, the bank has closed a deal to purchase shopping centers in Moscow: “City of Lefortovo” (159 thousand sq. m) on Entuziastov Highway, “Kosino Park” (31 thousand sq. m) on Svyatoozerskaya Street, two stages “City on Ryazanka” (140 thousand sq. m) on Ryazansky Prospekt, “Oblaka” (86 thousand sq. m) on Orekhovoy Boulevard and “L-153” (41 thousand sq. m) on Lyublinskaya Street . They will go under the management of Sampa, a subsidiary of Sber. The TEN group, which previously owned the assets, did not respond to Kommersant’s request. Director of the Nikoliers capital markets department Denis Platov estimates the total market value of these objects at 23–27 billion rubles, and head of the capital markets and investment department at IBC Real Estate Mikael Kazaryan at 20–25 billion rubles.
The portfolio of the TEN group, according to its own data, exceeds 1.1 million sq. m. m. In addition to commercial real estate, the company built residential complexes. The main owners of the developer are Ruslan Gutnov and Dmitry Altshul. Financial indicators are not disclosed.
TEN tried to get rid of some of these assets by putting them up for auction in February 2023 and planning to earn 12.6 billion rubles for them, Vedomosti reported. But the auction was declared invalid due to lack of applications. In addition, in May 2023, as part of loan refinancing, TEN transferred its 50% stake in the Kosino City shopping center (130 thousand sq. m) to Gazprombank-Invest, a structure of Gazprombank that provided loans to the developer. After the deal with Sber, there were no operating shopping centers left in the company’s portfolio.
Sberbank Vice President Kirill Demin admits that the retail real estate segment was seriously affected, first due to the pandemic, and then due to the departure of Western brands from the Russian Federation, but calls the purchase of TEN group properties an “investment” of the bank. According to him, these shopping centers will be updated and new functions and services will be added. Subsequently, the objects will be sold to new investors, they say at Sberbank. They added that auctions for the sale of the L-153 complex will be held this week.
Sber used this mechanism with the 13 Siberian Towns shopping centers purchased in 2021 from the Regions group in different cities, which were sold in September 2023 to the structures of the Mera Group of Companies from Kemerovo. There have not yet been any buyers for the five June complexes, which were also sold to Region Bank.
Sber is one of the creditors of the TEN group, therefore, according to the managing partner of Vanchugov and Partners, Alexey Vanchugov, the bank took over the shopping centers as part of debt restructuring. As a rule, the expert says, an asset cleared of liabilities becomes more attractive to investors. Sberbank, however, insists that in this case we are not talking about loan restructuring. They added that they saw investment potential in these objects.
In their current form, the assets are unlikely to be of interest to anyone: they are morally and physically outdated, and Sber will be able to return the full cost of the loan only after renovation and rotation of tenants, says Alexey Vanchugov. The retail real estate market has begun to recover after a series of crises. If at the end of 2022 the share of vacant space in Moscow shopping centers reached 15.6%, then by the end of 2023, according to NF Group forecasts, it could reach 8.9%.
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