How Sberbank retouched the Russian Hills resort after Bilalov

Gorky Gorod Mall is the only object of Sberbank in Sochi, which is already bringing money. 
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"Yesterday I could not resist, MMS Gref sent", - the deputy chairman of the board of Sberbank, Chairman Stanislav Kuznetsov Directors "Krasnaya Polyana" Council shows on the iPhone shot on the eve of the video in the shopping center of the Gorky Gorod Mall, which is located right in the middle of the ski resort "Russian hills" . In so popular among top managers of all video captured in a supermarket "Crossroads" at the first floor of the shopping center. "The first day of work - and already all! So many people came! "- Rejoicing Kuznetsov. Gorky Gorod Mall, apparently, is now one of the most favorite objects Kuznetsova in Krasnaya Polyana. His story is indicative of all the Olympic construction.

As a more expensive "Russian hills"

Back in 2006, the first owner of the project, businessman Farkhad Akhmedov planned to spend on it € 463 million. By 2009, when the co-owner of "Krasnaya Polyana", engaged in the construction of "Russian hills" was Sberbank (bought an additional issue to 2.7 billion rubles was 25%), the project has grown in scale - added media village and a springboard, increase the building areaand the total budget reached 41.1 billion rubles. In 2011, it became apparent that the "Krasnaya Polyana" behind schedule - while Sberbank urgently identified two bridge loan in the amount of 3 billion rubles.

"Our previous partners have chosen the wrong model of management - all project processes have been concentrated in the hands of one person: as a customer, investor, general contractor, bank and even in some cases a subcontractor - says Kuznetsov about the reasons for the failure of Bilalova. - I think it was the biggest mistake. Because of this project was to fall. If chosen the classical scheme, when supervision of the project is independent, tehzakazchika professional, general contractor has the organizational powers, and thus have distinct financial resources and contracts, our former partners would not have caught all of these risks. "

The decision on the construction of the shopping center was taken in an emergency mode and a half years before the Games. Savings, on the outskirts of the Olympics has turned from a minority shareholder in the majority shareholder of the project (due to the failure of the timing of the original shareholders "Krasnaya Polyana" Ahmed Bilalov lost andbusiness and office), wanted to create a "center of gravity" for the rest of their property being built in the Mountain Olympic Village.

Back in May 2013, on the place where now stands the four-story hulk with a cinema and a water park under a glass dome roof, was built only the first two floors, says Sedat Korkmaz, operational commercial director of the center.

"It looked terrible - recognized Turkish manager. - We looked at it and said, just do not have time. " It was necessary to haul construction materials and equipment, but the manufacturer can not cope with large orders. "We need 150,000 kinds of goods, and there is no time to wait, and the factory a year makes, only 10 000 - had to order all at different factories," - says Korkmaz.

Similarly fared with the construction of the resort: there is a building that was built in the first nine months, as a single object, according to Kuznetsov, had three. At the construction site in the mountains were sent 80 managers of Sberbank branches from all over Russia.

Lorry went to Krasnaya Polyana, one after another,there were days when the mountains come to three thousand trucks. So far not been completed a combined road and railway to the mountain resorts, a lot of time was spent on the cork. From the station, Esto-Sadok at an altitude of 560 m to Adler traveled for three hours, and in some places were stuck due to the fact that it was impossible to part with other trucks, tells the employee "Krasnaya Polyana". To speed up the process of concrete to the construction site by helicopter a ride, MOE selected the Adler.

At the same time feeling that the project is ready and missed deadlines, it was never recognized Kuznetsov: "I look at the construction site with new eyes. You see beautiful labels, but I construction dust. "

Now in the middle of the village of Esto-Sadok, on the four streets which in 2010 lived only 890 people, located a multifunctional shopping center on 30 000 square meters with parking, fitness center, bowling alley, a shopping arcade and a nightclub. On the roof of the complex - a huge water park with four swimming pools and artificial waves, heated white sand and panoramic mountain views. "Here you can really relax in peace" - advertisementsruet Korkmaz.

Construction of the center Sberbank invested by the last additional issue of 11 billion rubles, the scope of the remaining stake in OAO "Krasnaya Polyana" investor to 8% (most of them the president "Russneft" Mikhail Gutseriev, №34 richest, which belonged to the additional issue of 44% , small packets at the Kuban administration and the United Arab Emirates sovereign fund Invest AD).

Immediately after entering into operation center investments have started to work, which is rare for the Olympic projects. Already rented 80% of the retail space of 18 000 sq m, the average cost per square meter - $ 500-600. In a mountain resort, except for "Crossroads" climbed "Sportmaster», Reebok, Adidas, Benetton, «The Messenger", "Megafon". Lure them was not easy, admits Kuznetsov. "I would, of course, expensive international brands Chanel, Louis Vuitton, Gucci, but they refuse to - believe that customers will not be enough, says the SEC staff. On the opening day Gorky Gorod Mall was visited by about 6,000 people - twice more than expected control.

With other objects, "Russian hills" the situation is much more complicated. It gornorski complex "Mountain Carousel", 10 hotels of different star on 1628 numbers, 1342 numbers of apartments, two spa complex, one of the largest multi-functional convention centers in Russia. According to market rules, they will only work after the Olympics.

Room rates are now fixed - IOC requirements. For example, in a three-star hotel, whose stardom is now increased to four stars, the cost of rooms - 5000-6000 rubles per day, says the general manager of the hotel "Panorama Hills" Karsten Albert. Establish market prices of hotels will be able to resort only after the Paralympic Games.

Making investment work and prevents the method of financing the project. Now its budget rose to 80 billion rubles, of which 30% - shareholders' equity, the rest - Vnesheconombank loan issued by real estate. Sberbank is in talks with VEB on how to display the numbers built from the pledge. There's a lot of red tape, for the investor needs a more transparent mechanism, sighs Kuznetsov. So far, only sold 100 apartments. At the time of the Olympics, "tseLeft tasks payback not put it after all, the main thing now - to work, "said an employee of" Krasnaya Polyana ".

Now the resort will be packed to capacity. But what to do after the game, so that people continue to come to built on the site of the mountain village of the town, it is not clear. "In the form in which there are now Krasnaya Polyana and the village of Esto-Sadok, with so much real estate and entertainment centers, their future is certainly in doubt" - says Kuznetsov.

According to him, all mining projects in the post-Olympic period needed "a new national idea."

For example, a top manager considers interesting the proposal to create in Krasnaya Polyana special economic zone or gambling - it's just an initiative of Sberbank. "Legal respectable gambling - an excellent resort of Sochi for this", - says Kuznetsov.

All investments in the project bank considers justified, says a top manager and even the optimistic hopes for the return on investment "in 5-6 years." This is possible after the sale heroically built hotels. Conversationalready underway.