Swedish developer Bonava has found a new buyer for its Russian assets – RBI Group
[ad_1]
Swedish developer Bonava after the failure of the deal with the Kazan G-Group found a new buyer for its Russian business. Now to acquire the assets of a company that built housing in St. Petersburg for 3.3 billion rubles. intends its competitor in the local market – the RBI group of Eduard Tiktinsky. This is 1.6 billion rubles. less than the previous bidder was willing to pay. The absence of a wide range of applicants for assets can be explained by the fact that the developer’s sites have a small area and require additional costs for preparation for construction.
The fact that Bonava agreed to sell its Russian business to the RBI group was told by a Kommersant source in the real estate market. This information is confirmed by the message of the Swedish company, which says that the deal can be closed in the third quarter of 2023. The transaction amount will be 3.3 billion rubles. RBI declined to comment prior to closing the deal. Bonava also did not provide further details.
The land bank Bonava in St. Petersburg is about 16 hectares, where it is possible to build about 230 thousand square meters. m of housing.
In addition to Russia, Bonava builds housing in Sweden, Finland, Norway, Germany and the Baltic countries. The developer’s revenue in the first quarter of 2023 amounted to SEK 2.4 billion (RUB 17.9 billion at the current exchange rate), operating profit was SEK 39 million (RUB 292 million). Its largest shareholder is the Swedish investment company Nordstjernan, which owns 24.5%.
RBI is engaged in the construction of elite and business-class residential complexes in St. Petersburg, and is also developing the Artstudio apart-hotel chain. At the end of 2022, the developer’s portfolio of promising projects amounted to 1 million sq. m. m of real estate. The owner of the group is its president Eduard Tiktinsky. RBI revenue under IFRS in 2021 (latest published data) amounted to 13 billion rubles, net profit – 2.3 billion rubles.
After the start of the Russian-Ukrainian military conflict, Bonava announced about the termination of work in the Russian Federation. In October last year she managed to agree on the sale of his business for 5.9 billion rubles. Kazan G-Group, which includes the developer Unistroy. However, a month later, the buyer informed about withdrawing from the transaction, citing the long terms of its approval by the Federal Antimonopoly Service and the government commission on foreign investment.
The disclosed amount of the deal with RBI seems to be discounted, says Alexander Kravtsov, managing partner of Fizika Development.
The discount could be required in order to interest the buyer, believes Alexei Fedorov, director of the real estate investment department at Maris. RBI specializes in business-class housing and above in central locations, while the sites of the Swedish company are mainly located in residential areas, he clarifies. Nevertheless, Bonava was one of RBI’s main competitors in terms of product, positioning and target audience, adds Pavel Evsyukov, head of the product development department at AAG holding.
RBI planned to actively replenish the land bank and the volume within 250 thousand square meters. m, which is a target for it as part of the annual expansion, says Rusland SP partner Dmitry Lekhmus.
Now is the best time for such transactions, given the shortage of land for development in good locations, Alexander Kravtsov is sure.
But at the same time, the sites of the Swedish company are of uneven quality and require additional preparation, Mr. Lehmus warns. RBI is one of the few companies that are willing to spend time and resources on working with small plots, as they sell housing at a premium to the market, said Andrey Veresov, an expert in development. Basically, St. Petersburg developers prefer to buy larger sites and not get involved with point development, he concludes.
[ad_2]
Source link
