The peresmenka
"Seasons" replace the investor
Romanov Property Holdings Fund wants to become the sole owner of the Vremena Goda luxury shopping center on Kutuzovsky Prospekt. The fund is in talks to buy out 60% of the property from Ivanhoe Cambridge. This deal could cost the Russian company almost $ 100 million less than Canadian investors who bought the property before the 2008 crisis.
Several consultants in the real estate market told that Romanov Property Holdings Fund (part of Gagik Adibekyan's RD Group) is negotiating to buy out 60% of the Vremena Goda shopping center from the Canadian company Ivanhoe Cambridge. A source close to RD Group confirmed this information, adding that the parties are in the process of agreeing on terms and the deal has not yet been closed. According to one of the interlocutors, who is familiar with the negotiations, the purchase may be completed this fall. The press service of Avica Property Investors (managing company of Romanov Property Holdings Fund) did not confirm the information.
Romanov Property Holdings Fund already has a stake in the Vremena Goda shopping center: the company bought 40% from the Austrian Volksbank Real Estate in April this year. According to CBRE, the deal could have been $ 150 million, or $ 375 million for the entire facility. The source claims that now the shopping center is estimated at a lower amount - $ 320 million, based on this, 60% may cost $ 192 million.
Vremena Goda shopping center with an area of 64 thousand square meters. m was built "Patero-Development", "Octan + alpha" and "Marr Capital" of the family of Senator Ralif Safin in 2007 on Kutuzovsky Prospekt and is one of the best luxury shopping centers in Moscow. Tenants include Burberry, Montblanc, Cartier, Chanel, Ivanhoe Cambridge, and the Volksbank-affiliated Europolis Foundation, all acquired the property in 2008. Then the amount of the transaction was estimated at $ 500 million.
RD Group (formerly Romanov Dvor Development) was founded in 2004 by Gagik Adibekyan. Project portfolio - 600 thousand sq. m. According to Forbes, in 2011 the income of RD Group from the lease of real estate amounted to $ 45 million. Other financial indicators were not disclosed.
The decision of Canadian investors to exit The Seasons at a time when its value is more than $ 100 million lower than at the entrance, may be due to the expiration of the fund, the consultants explain. “The duration of the investment is limited and buyers have to exit the project, fixing a loss or profit,” says Svetlana Kara, managing partner of Praedium Investment Capital. According to the head of the development department of the financial consulting department of NEO Center, Alexei Shumkin, the investments of Romanov Property Holdings Fund in Vremena Goda will pay off in five to seven years. Svetlana Kara estimates the potential for growth in the value of the shopping center at 20%, provided that the macroeconomic situation improves and rental rates are indexed.
Along with office real estate in Moscow, shopping centers remain one of the most interesting segments for investors. According to Cushman & Wakefield estimates, in the first half of 2012, seven deals with shopping centers for $ 750 million were closed in Russia. The largest were the purchase of the Austrian Immofinanz 50% of the Zolotoy Babylon - Rostokino shopping center (estimated by experts at $ 250 million) and the RD Group's deal on buyout of 40% of the Vremena Goda shopping center, Kommersant reports.
Seasons replace investor Romanov Property Holdings Fund wants to become the sole owner of the Four Seasons luxury shopping center on Kutuzovsky Prospekt. The fund is negotiating a buyout ...
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Retail Arithmetic
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