The earth is shaken out of portfolios – Newspaper Kommersant No. 25 (7470) dated 02/10/2023
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Real estate investors are trying to sell undeveloped sites due to the increased risks of depreciation of the value of such assets. The owner of the Technocom group, which built the elite Tverskaya Residence complex, began looking for buyers for plots in Moscow and Kursk for offices, a hotel and housing. Capital sites may be of interest to those wishing to enter this market, but in general, developers’ demand for land remains limited.
Vyacheslav Kovalev, CEO and owner of the Technocom group, put up for sale construction sites in Moscow and Kursk. This follows from the offer to purchase with a description of the assets, which Kommersant got acquainted with, as well as the USRN data. As stated in the description of the lots, 0.6 hectares are put up for sale on Miklukho-Maklaya Street in the south-west of Moscow for the construction of 48 thousand square meters. m of offices, 0.1 hectares on Zemlyanoy Val in the center for the construction of a hotel for 2.8 thousand square meters. m, as well as 13 hectares in Kursk for housing construction on 150 thousand square meters. m.
According to the USRN, these sites are owned by Kovax LLC, Zemlyanoy Val 59 LLC and Kurskprominvest LLC. And according to SPARK, the owner of Technocom, Vyacheslav Kovalev, is the beneficiary of these companies. Technocom specializes in the design, production, installation of aluminum structures, ventilated facades, glazing, etc. The group was also involved in development projects. Among them is the elite apartment complex Residence Tverskaya in the center of Moscow. Technocom did not provide a comment, it was not possible to contact Mr. Kovalev himself.
A plot on Zemlyanoy Val may cost 350-400 million rubles, on Miklukho-Maklay – 1.35-1.45 billion rubles, Kirill Babichenko, head of the department for services to owners of the CORE.XP office real estate department, calculated. Timur Ryvkin, director of the land development department at Nikoliers, believes that up to 1.3 billion rubles can be earned for both Moscow projects. But, he warns, it will be problematic to find a buyer for the entire portfolio of sites at once. In addition, due to the diversity of assets, a potential buyer will count on a large discount, so it seems expedient for the seller to sell assets in parts, he argues.
The number of investors considering the sale of real estate assets in Moscow in 2022 has increased, says Irina Dobrokhotova, chairman of the board of directors of Best Novostroy. According to her, the stimulus for this was the change in the external situation, as well as the increased risks of a decrease in the value of assets in the medium term. Major developers are also selling their sites. At the beginning of 2023, the MR Group of Roman Timokhin and Viktor Labuzdko handed over the project for the reconstruction of the building on Sofiyskaya Embankment in the center of Moscow to the Gravion Group structures of Yuri Nemazhin.
Marina Kharitonova, CEO of Accent Capital, believes that Technocom’s projects will be of little interest to large Moscow developers, but those who are just entering this market may be interested in assets that are relatively low for the region. Although large developers with a long planning horizon are always interested in both increasing their land bank and diversifying their business, adds Timur Ryvkin. In addition, for the construction of a business center on Miklukho-Maklay, the developer can receive a benefit for changing the type of permitted use (VRI) of the site for housing, he recalls. It follows from the letter on the sale of these assets that in this case, up to 1.8 billion rubles can be saved on the payment for changing the VRI.
Finding buyers on the site can be problematic due to the decrease in the activity of developers. According to NF Group estimates, the total volume of investments in the purchase of building sites in 2022 decreased by 14.7%, to RUB 219.24 billion, year-on-year. And experts doubt that the interest of developers in the sites will grow in the near future. According to CORE.XP forecasts, about RUB 300 billion could be invested in real estate in 2023, of which RUB 200 billion could be invested in commercial properties. But Irina Dobrokhotova believes that the trend for the sale of sites by investors will continue anyway.
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