The Tyumen developer Brusnika buys out part of the Level Group project for the construction of 350 thousand square meters. m of housing in the south-east of Moscow
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While Moscow developers announce the implementation of projects outside the capital, regional developers continue to get used to their market. So, the Tyumen “Brusnika” agreed to buy from the Level Group ex-senator Vadim Moshkovich half of the project for the construction of 350 thousand square meters. m of housing in the south-east of Moscow. Thus, according to experts, the seller will be able to return the funds invested in the project and control the competitor’s pricing policy.
The Tyumen developer Brusnika is close to closing a deal to buy about 4 hectares belonging to the Level Group on Perovskoye highway near the Nizhegorodskaya metro station in the southeast of Moscow, two sources told Kommersant in the real estate market. In total, in this area, the Level Group, created by the ex-senator and the main co-owner of Rusagro Vadim Moshkovich, has 7.94 hectares, where the construction of 345 thousand square meters has been agreed. m of housing. Thus, after buying a part of the plot from the group, Brusnika will be able to build about 198 thousand square meters on Perovskoye Highway. m. The Level Group and Brusnik told Kommersant that they were not ready to comment on the parameters of the transaction before it was closed.
According to the information system “Nash.Dom.RF”, the current volume of construction of the Level Group is 510 thousand square meters. m – this is the eighth place in the top 10 developers in Moscow in terms of construction volumes. The company’s financial results are not disclosed. In January of this year, in an interview with Kommersant, the general director and co-owner of the company, Kirill Ignakhin, said that the developer’s revenue in 2022 would be about 60-65 billion rubles. At the same time, he noted that the company launched the sale of one of its major projects, without disclosing details. Obviously, it was then about the site on Perovskoye Highway.
The main market for “Brusniki” is Tyumen, Yekaterinburg, Novosibirsk, Moscow region. According to Nash.Dom.RF, the current construction volume of the company is 810,000 sq. m. m, which allowed her to close the top 15 major housing developers in Russia.
Timur Ryvkin, director of the land development department at Nikoliers, estimates the cost of 4 hectares on Perovskoye highway at 3–3.5 billion rubles. In his opinion, this transaction will allow Level Group to recover the costs of project preparation, including the acquisition of rights to the site and the development of permits, while leaving behind a large amount of housing for sale.
At the same time, regional developers are ready to pay a certain premium for metropolitan sites, adds Anna Sorokina, senior director of the Commonwealth Partnership’s appraisal and consulting department. The deal between the Level Group and Brusnika reflects the trend of active reorganization of the land banks of companies, notes Irina Dobrokhotova, founder of Best Novostroy: “Capital developers began to go to the regions, and regional developers to Moscow.”
The partnership of developers within the framework of one project is now extremely rare, more often companies try to bring their own product to the market, Mr. Ryvkin notes. Level Group adheres to the principle of an umbrella brand, which it does not intend to dilute, at the same time, Brusnika is not ready to remain on the sidelines in the project on Perovskoye highway, as it is interested in gaining a foothold in the capital market, adds Ruslan Syrtsov, Managing Director of Metrium. But the companies can agree on pricing in the new project, he believes.
This is not the first time that Brusnika has bought sites in Moscow with ready-made permits. Last year, the developer closed deals on the purchase of 4.5 hectares from the Losiny Ostrov National Park in the east of the capital from the PIK Group of Companies Sergey Gordeev and the acquisition of 6.9 hectares from MR Group Roman Timokhin and Viktor Labuzdko in the north-east of the city, where Ostankinsky was previously located brewery.
Investors bought in shopping centers
In January-June 2023, the volume of investments in commercial real estate in Russia amounted to 242 billion rubles, exceeding the figure for the whole of 2022, according to Nikoliers. Moreover, the company adds, the results of the first half of this year turned out to be a record for the last five years. However, this result became possible due to the sale of assets of Western companies that announced their withdrawal from the Russian market after the outbreak of hostilities in Ukraine. The total amount of such transactions in January-March amounted to 122 billion rubles.
For example, the European fund Atrium Real Estate sold seven Park House shopping centers in the Russian Federation to the Krasnodar Romex Group. Also, the American Hines and Morgan Stanley sold their shares in the Metropolis complex in Moscow, the Czech PPF Real Estate – the St. Petersburg Nevsky Center. At the same time, in the first half of 2023, a deal was closed for the sale by Sergey Gordeev, co-owner of PIK Group, of the Moscow shopping center Columbus TPS Real Estate, where Lilia Rotenberg, the daughter of billionaire Arkady Rotenberg, is a co-owner.
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