Roman Avdeev deprived of "Freedom"

A billionaire company may lose a factory development project.
Developer "Ingrad" Roman Avdeev may lose one of recent projects. The owner of the territory of the factory "Freedom" Moscow Industrial Bank (Minbank), dissatisfied with the terms of the transaction with the company, decided to find a new developer for the site. The new developer will have to work in a competitive environment.

Two interlocutors on the real estate market told Kommersant that Roman Avdeev’s Ingrad could withdraw from a project to develop the territory of the Liberty factory on Vyatskaya Street in northern Moscow. According to them, the owner of the site, the Minbank, has revised the agreement on the deal with Ingrad and is proposing the purchase of the site to other developers. In August 2018, the newspaper Vedomosti reported on the agreements of Ingrad on the development of Freedom. It was assumed that the developer implements a multifunctional complex with housing on an area of ​​11.5 hectares. According to SPARK-Interfax, the owner of the site of JSC Liberty is 51% owned by Ingrad, 23% by the Minbank, and 10% owned by the director general of Svoboda Evgeny Panteleev. The owners of the remaining shares are not indicated.

Since 2019, the Minbank has undergone reorganization of the Central Bank, the plots are still in the ownership of the bank. The interlocutor of Kommersant in the real estate market knows that the family structures of the founder of the Minbank, Abubakar Arsamakov, were engaged in the sale of Svoboda. In 2018, sellers wanted to gain 12–13 billion rubles for the asset, while Ingrad agreed to pay 2 billion rubles. immediately, and another 4 billion - by installments. For the remaining 6 billion rubles. the bank was supposed to get an option, which Ingrad could then either buy out or exchange for an equivalent cost in the project, a Kommersant source familiar with the details of the deal said. Apparently, an applicant has now appeared who agrees to a completely monetary transaction, and therefore the bank wants to break the deal with Ingrad, a Kommersant source said.

He also knows that the agreements with Ingrad were complicated by the fact that the developer insisted on the withdrawal of the factory’s production capacities at the expense of the Minbank, and the bank’s structures tried to transfer these costs to Ingrad. “Ingrad” itself agrees to exit the project only if the Minbank reimburses the expenses already incurred, the source continues. According to another interlocutor of Kommersant, the Ingrada structure has a working gas storage facility for the development of Svoboda, and it is possible that the developer will retain part of the site. But a source close to the deal, Kommersant doubts whether the developer retains even a share in the project. Ingrad declined to comment; the Ministry of Bank did not answer Kommersant's questions.

ILM Managing Partner Andrei Lukashev estimates the cost of the site on Vyatka in the presence of the existing GPZU at 10-11 billion rubles. Investments in development, according to his estimates, can vary in the range of 23–30 billion rubles, and sales revenue will be at the level of 60–65 billion rubles. Implementation of the project, the expert calculated, will take about five years. Mr. Lukashev suggests that he may be interested only in one of the five largest developers in the Moscow region, whose construction volume exceeds 1 million square meters. m per year, and for the rest of the players will be unbearable.

According to the Unified Register of Developers, such a volume of current construction in Moscow, in addition to Ingrad, is shown only by GK PIK, Samolet, and Granel. At PIK and Granel, they declined to comment; at Plane, they were unable to promptly answer questions. The new developer will have to work in a difficult environment, says Olga Shirokova, director of the consulting and analytics department at Knight Frank: sales are being carried out in eight facilities at a distance of 1.5 km from Svoboda, including comfort class complexes from RG Development, MR Group and pic.

The Freedom Territory may not be the only site that Ingrad will have to abandon. According to one of Kommersant’s interlocutors, the developer, after a year of negotiations, also changed his mind about building 0.5 hectares on ul. Nametkina, 10. Now there is an unfinished business center, the developer wanted to sell housing on the site. The source of Kommersant does not exclude that the reason could also be a revision of the terms of the transaction by the owner of the site.