The owner of Okhotny Ryad will transfer over 1 million sq. m of real estate in ZPIF

Entrepreneur Alexander Zanadvorov will transfer over 1 million sq. m of real estate, including the Okhotny Ryad shopping center, into a closed-end mutual fund (ZPIF) Seventh Continent, reports RBC with reference to the General Director of Manezhnaya Ploshchad LLC (management company) Sergey Chamkin and FAS data. The sole shareholder of the ZPIF is Mr. Zanadvorov himself.

“A mutual fund is the best form of ownership and management of real estate: the companies that manage mutual funds and special depositaries responsible for keeping the fund’s assets are supervised by the Central Bank through licensing, which gives shareholders additional guarantees, as well as a number of other advantages,” Mr. Chamkin said .

The FAS approved the application for the acquisition of 90.1093% of Manezhnaya Ploshchad LLC by Fondovy Kontinent (managed by ZPIF) in May 2023. Mr. Chamkin said that the Seventh Continent was created in 2022 directly in connection with the reorganization of the ownership structure of its assets by Alexander Zanadvorov. All the real estate of Manezhnaya Square and the Mkapital group (includes over 100 real estate objects: shopping centers, business centers and street retail objects) will be transferred there, Mr. Chamkin said. According to him, Mr. Zanadvorov is transferring assets to a closed-end investment fund, since he has not been conducting independent operating activities on his own premises since 2017.

As Kommersant previously wrote, the market is waiting for the active growth of personal funds from 2022. The packaging of assets in closed mutual funds allows not only to minimize the tax burden, but also to keep the owners secret, reducing sanctions risks.

More about this – in the material “Kommersant” “Funds under lock and key”.

Grigory Leiba