Is there an investor
Urban Group formed a pool of investors for the completion of their homes in the suburbs, told RBC owner and CEO of the rehabilitated developer Alexander Dolgin. In April, the developer faced a number of problems: first, the Rosreestr suspended the registration of equity participation agreements (DDU) of the company's "daughters", then the banks withdrew the accreditation of the Urban Group projects, which allows potential buyers to make mortgages for the purchase of apartments. By the end of May, the current situation was also worried by the head of the Ministry of Construction, Vladimir Yakushev, while Deputy Prime Minister Vitaly Mutko, who oversees the construction and regional policy, called the situation in the company "uneasy". As a result, the Ministry of Construction last Friday, June 1, reported that "the government took control of the situation" and "decided to support the completion of construction" by the Fund to protect the rights of citizens participating in shared construction. The fund was created under the "Dom.RF" (formerly AHML) last autumn, developers allocate 1.2% of the cost of sold apartments to it.
But Dolgin expects to do without sanation, because "it will be very unfortunate if the financing will burden the state." According to the businessman, he has "oral reports on a positive decision [from investors]" about their participation in the completion of projects. Among the potential partners he refers to are Promsvyazbank and VTB, as well as "large business companies". "This is a pool of investors. Now there is an interaction with authorized state bodies, as these investors realize their intentions. Now the question is being decided whether it will be possible to agree, "he told RBC. For his part, he is also ready to transfer the company for a symbolic fee - 1 ruble, "but on condition that it will not be claimed." "In the past, in the future, and so on. I'm ready, "said the company's CEO.
But in the banks they named, they denied reports of a possible partnership with the Urban Group. "At present, Promsvyazbank has not considered the possibility of becoming an investor for this project," RBC said in the press service of the bank. VTB also said that they do not negotiate with the developer. They do not know about such negotiations in the Ministry of Construction: from the Ministry's response to the request of RBC, it follows that if such work is done, the agency is not involved. "The Ministry of Construction does not hold any discussions with investors to attract Urban Group facilities for completion," the ministry said.
How many have been built and not completed
According to the Urban Group, its current volume of construction projects - 2.137 million square meters. m. Of them under construction are 774 thousand square meters. m, the rest has not been started, some have received building permits. All the company's objects are divided into three groups. The first - with overdue for construction for more than nine months - is one house, in which 376 apartments out of 383 have been sold, and Dolgin claims that only 6 million rubles are missing for completion. The second group is the houses in which construction is started and sales are started. In this category - 16 904 apartments, 13 600 of them are sold, 5368 apartments are overdue. The required total budget for the completion of all houses under construction is about 15-16 billion rubles, of which 2 billion rubles are needed for houses with a delay. The third group is houses in which there are no sales, they are free of obligations. The erection and sale of 28,028 apartments from this group, according to Dolgin, can bring potential investors "up to 38.2 billion rubles. net income. "
In the "Dom.RF" on the question of RBC on the possible involvement of investors in the projects of the Urban Group was not answered. "Decisions on financing mechanisms for the completion of the sites of the Moscow developer Urban Group will be taken after the verification, which is now being carried out by Ernst & Young. We believe that within two to three months the construction of Urban Group facilities will be resumed, all obligations to citizens will be fulfilled, "the representative of Dom.RF reported to RBC. This will be the third audit of the company: the first audit of the Urban Group was conducted independently, for the second hired consultants (which exactly - the company does not specify). How can the completion take place at the expense of the fund, is also not yet clear: experts assumed that this could be a procedure similar to sanation.
"The scheme presented by the Urban Group is non-working," said Director General of the investment company Key Capital Sergey Kamlyuk. - Today, none of the developers will not dare to take the company's assets. Loan delinquencies may start, and creditor banks will require early repayment or capitalization of collateral, which, given the current financial situation, Urban may lead to collapse. "
"They are with this proposal - to participate in the completion - went to all developers - told the source of RBC in the construction company that received it. - Everybody refused. Figures do not break. "
But the managing director of the real estate development center NAI Becar Olga Sharygina believes that the scheme proposed by Alexander Dolgin can be realized. "These projects may interest investors from Asia, they are not yet spoiled by our high profitability and can agree to such conditions," Sharygina said.
Urban Group entered the Moscow construction market before the crisis of 2008, offering a "business class at the price of an economy". The developer started with small projects - built a townhouse townhouse for 10 hectares, then multi-apartment housing complexes for 10-30 hectares with a total area of apartments 50-200 thousand square meters. The houses were built and surrendered without delay. Now the company is one of the largest developers of Russia and takes the second place after the PIK Group in terms of the volume of houses under construction in the Moscow region. All projects of the Urban Group are concentrated in this region.
In 2016, the Urban Group decided to take up a larger project - the development of 116 hectares near the village of Laikovo. This project with an area of apartments more than 870 thousand square meters. m built the company SU-155, but after it began to have problems with the fulfillment of its obligations, the authorities sanitized it. Urban Group has undertaken to provide apartments with 164 share holders SU-155, pay on the loans of the company and build 12 social facilities.
It is about this project, according to Alexander Dolgin, and the company "stumbled". "The company overestimated its strength in the reorganization of the SU-155 and in the project" Laikovo ", assuming financial obligations and having fulfilled them by approximately 4 billion rubles. It's her and it's been cut. That is, in these difficult conditions, management failed to manage. In a difficult situation, management has made failures ranging from errors to negligence and even abuse. In total, 10 billion rubles were invested in this project, and revenues of 6 billion rubles were collected, "Dolgin said.
In 2017, the company began to disrupt the completion of houses in their projects, and in the spring of 2018 the situation became critical. In April, Dolgin became CEO of the company, explaining the departure of his predecessor Andrei Puchkov divergence views on business development. He claims that he initiated an audit of the company, which revealed violations in the work of the previous management: "Unethical reporting, misuse of funds, unmotivated distribution of budgets, direction and redirection of cash flows - this is only part of the violations identified."
Alexander Dolgin said that he did not know about all the operational decisions of the previous management, but "worked on development, received only generalized information, did not plunge into the holds of the company."
"The ideology of the company was determined primarily by its shareholder. When the idea of "Cities for Life" was developed (one of the typical projects of the group - RBC), for which I was invited, these issues were discussed personally with Alexander Borisovich [Dolgin]. I do not know who exactly what was doing in the routine work, but the fact that the artistic, ideological part is the child of the owner, that's for sure, "said the architect, the author of the majority of the company's projects Maxim Atayants.
A representative of one of the contractors of the builder is sure that the owner should have known about what is happening in the company. "Everyone who worked with the Urban Group had the impression that the owner carefully handled all the work issues. When I see that he says he did not go down into the hold, it surprises me, "RBC's interlocutor remarked.