Sminex Alexey Tulupov left the development project of the Moscow industrial zone “Korovino”

Sminex Alexey Tulupov continues to get rid of part of the assets of Inteko, whose business the company acquired six months ago. One of the major projects of the developer – the integrated development of 35 hectares in the Korovino industrial zone in the north of Moscow – went to the Metallservice trader. For Sminex, operating in the segment of luxury housing, the construction of industrial real estate is a non-core activity. The new owner of the site initially wanted to create a base in this area for the development of his business.

Kommersant learned from SPARK-Interfax that Sminex-Inteko is no longer the developer of a 35-hectare development on Vagonoremontnaya Street in the north of Moscow as part of a project for the integrated development of the territory (KRT) of the Korovino industrial zone. Since the end of May 2023, a number of legal entities, including SZ Elit Stroy LLC, which own the rights to part of the site with an area of ​​14 hectares, belong to JSC Elmos.

Roman Semchishin, Vice President for Sales and Promotion of Sminex-Inteko, confirmed to Kommersant that the site was sold to a “profile investor who knows how to develop this territory.” According to him, Sminex, together with Inteko, acquired assets that are not suitable for the construction of luxury housing, in which the company specializes. The Korovino MRT project is one of such number. The deal to buy Sminex for 38 billion rubles. Bank “Trust” of all assets of “Inteko” was closed at the end of 2022.

According to Kartoteka.ru, Elmos JSC is associated with Metallservice Group of Companies, one of the prominent traders of ferrous metal, pipes and other metal products. Metallservice Group of Companies did not respond to Kommersant’s request.

In 2022, the revenue of the entire group amounted to 200 billion rubles, net profit – 4.35 billion rubles. Sberbank owns 34.8% in Metallservice, Investment Firm Olma JSC – 32.07%, Moscow Transport Company – 12.63%.

Inteko received the Korovino KRT project in 2020 following the results of the auction organized by the Moscow City Hall, paying 201.2 million rubles. By 2035, it is planned to build on the site for 40 billion rubles. 366 thousand sq. m of industrial real estate and 250 thousand square meters. m of public and business facilities. The structure of the Metallservice Group of Companies also participated in the auction, but it offered a smaller amount than Inteko, follows from the auction protocol.

A Kommersant source close to the Moscow City Hall said that back in 2022, the city authorities signed an additional agreement to the agreement on the implementation of the Korovino KRT project, according to which the rights were transferred to SZ Elit Stroy LLC, which now belongs to the structure of Metallservice . The Department of City Property, which oversees KRT projects, only told Kommersant that the developer of the project is SZ Elit Stroy LLC.

The department clarified that the legislation prohibits the transfer of rights and obligations under the KRT agreement to a third company. But in the case of the deal between Sminex-Inteko and Metallservice, the rights were retained by the structure with which the contract was concluded, lawyers explain.

This is the first time that a developer who has entered into an agreement on CRT with the mayor’s office managed to withdraw from it, says Vasily Malinin, partner at the Rustam Kurmaev and Partners law firm. Now in the capital, this program is being actively implemented by investors. In March, the mayor’s office reported that within the framework of the KRT, developers had begun redevelopment of 371.6 hectares.

For Sminex, KRT Korovino is a non-core asset and its sale looks logical, Timur Ryvkin, director of the land development department at Nikoliers, believes. And Metallservice will be able to build industrial real estate on the site to expand its business, he adds. The expert estimates the current market value of property rights to land on Vagonoremontnaya Street at 2–2.5 billion rubles. If the transaction went through at this price, then Sminex-Inteko was able to earn significantly more costs for the purchase of site development rights and its consolidation.

KRT Korovino is not the first asset of Inteko, which Sminex decided to get rid of after the takeover of the developer. In April, the developer put up for sale a business in the Rostov region, including more than 100 hectares for development, production facilities and the Patriot-Service management company (see Kommersant dated April 12).

Daria Andrianova