SPbMTSB may buy a business center near the Belorussky railway station in Moscow
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The trend for purchasing offices for their own needs among Russian companies continues. Thus, the St. Petersburg International Trade and Commodity Exchange (SPIMEX) can purchase a business center with an area of 13.9 thousand square meters. m in the area of the Belorussky railway station in Moscow, the cost of which is estimated at 3.5–4 billion rubles. Purchasing an object gives more freedom in management, but the said asset may need renovation, consultants say.
SPbMTSB is negotiating the acquisition of an office building with an area of 13.9 thousand square meters. m in Moscow on Lesnaya street, 6 near the Belorussky railway station. Two sources in the real estate market told Kommersant about this. SPbMTSB declined to comment.
According to Kommersant’s interlocutor, the seller of the business center on Lesnaya Street may be structures associated with Avangard Bank. According to data from the extract from the Unified State Register of Real Estate, which Kommersant has, the building belongs to Real Estate and Housing Construction Agency LLC. According to SPARK, this structure in 2003–2011 owned shares in the Alkor Holding Group company, controlled by the founder of Avangard Bank, Kirill Minovalov. The bank and the Real Estate and Housing Construction Agency did not respond to Kommersant.
Now the Moscow office of SPbMTSB is located in rented space in the Rinko Plaza complex on Timur Frunze Street next to the Red Rose business district. According to Kommersant’s interlocutor, the exchange occupies about 4.5 thousand square meters in this facility. m. Three Kommersant sources in the real estate market say that SPbMTSB wanted to buy this property, but could not come to an agreement with the owner of the building. According to the Unified State Register of Real Estate, the property belongs to the closed mutual fund Omolon Real Estate and is in the trust management of AB Capital JSC. The Kommersant company also did not respond.
SPIMEX is the largest commodity exchange in Russia, through which, according to its own data, 99% of the volumes of organized trading in oil and oil products, gas, and mineral fertilizers pass. According to the latest data, the number of shareholders includes Rosneft, Transneft, Russian Railways OJSC, etc. In November 2023, Igor Artemyev, who previously headed the Federal Antimonopoly Service, became the president of SPbMTSB.
The head of the office space department at IBC Real Estate, Ekaterina Belova, says that the business center on Lesnaya Street was sold for 4.2 billion rubles, but the transaction could be at a discount. Senior Director of the Office Real Estate Department at CMWP Alla Glazkova estimates the asset at 3.5–4 billion rubles. The facility requires serious investments, as it is inferior in efficiency to new complexes, notes Ksenia Kharkevich, director of the ILM office real estate department. The building is outdated architecturally, structurally and morally, agrees Alla Glazkova. According to her calculations, the buyer will need about 200 thousand more rubles. investments per 1 sq. m of area. Thus, the total renovation costs can be estimated at 2.7 billion rubles.
Recently, companies and government agencies have begun to actively invest in purchasing offices for their own needs. In 2023, the volume of purchase and sale transactions in the office real estate market doubled year-on-year, to 415 thousand sq. m. m, which was a record high over the past 15 years, was calculated by CORE.XP. For example, the Moscow City Hall acquired about 50 thousand square meters. m in the iCity complex under construction next to the Moscow City business cluster, and the VK IT holding – 30 thousand sq. m. m in the Skylight business center in the north of Moscow.
As Ekaterina Belova notes, Russian companies are generally positive about purchasing offices, since in this case they receive more freedom in relation to buildings compared to the rental model. It is easier for owners to change the management company, control the infrastructure, expand to additional space if necessary, and owners also have no risks associated with renewing the lease, she lists. Head of the sales department of OF.ru Alexander Martynov adds that the desire to purchase an asset may also be caused by the lack of possibility of renting a large area in a complex of this class in the location of interest. The trend for purchasing offices will continue in 2024, Ksenia Kharkevich is sure.
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