Sberbank put up for auction one of the main Sochi resorts

The deal of Sberbank for the sale of resort "Gorki Gorod", built for the Olympics, failed. The complex will be sold at auction: the price at the start was about half the amount invested in the construction.
02.10.2015
RBC
Origin source
Hotels and 25 km of pistes

"CRS Holding" has announced the sale of 96.91% shares of the NAO "Krasnaya Polyana", on which the balance is Sochi ski resort "Gorki Gorod". The auction for the sale will be held on 9 October, the starting price of the lot is 35 billion rubles, deposit amount -.. 3 billion rubles, according to a declaration for potential buyers.

Seller calls itself a company affiliated with Sberbank: according to SPARK, 100% of LLC "ICS Holding" owned by OOO "Sberbank Capital".

The RBC Sberbank's press service confirmed that the bank is selling "Gorki Gorod", but declined to comment on the other.

The announcement said that the resort includes "several tens of apart-hotels and hotels of the European class, motor and cable cars, ski and bike trails, cafes and restaurants, as well as complex infrastructure facilities." The site "Gorki town" indicates that a part of the resort consists of 7 luxury hotels 996 rooms, ski complex "Mountain Carousel", which includes 25 km of ski slopes area of ​​1.5 million square meters.m and a five-level shopping and entertainment center.

As he wrote Forbes magazine, the first owner of the project - businessman Farhad Ahmadov - he planned to invest in it about 16 billion rubles in 2004-2006. In 2006, the project was sold to a businessman Magomed Bilalova, the younger brother of the former chairman of the "Resorts of the North Caucasus", the Board of Directors and Vice-President Ahmed Bilalova Olympic Committee. By 2009, when the project was co-owner of the Savings Bank (at the beginning of its share was 25%), investments rose to 41.1 billion rubles. One year before the Olympic Games - in February 2013, - Vladimir Putin has criticized the construction schedule for the failure. Thereafter Bilalov Jr. sold his share of the structures of Mikhail Gutseriev, and the brothers themselves have left the country. Later Gutseriev bought Sberbank share structure. In late 2014, "Kommersant" newspaper reported that the total cost of the project amounted to 70.3 billion rubles., Of which 52 billion rubles. - VEB loans.

disrupt the deal

In late 2014, Sberbank has agreed to sell the resort "Gorki Gorod" of the NAO "Center Omega", 100% owned by the administrationsKrasnodar Territory. In December last year, the FAS granted the "Omega" to buy 96.91 percent stake.

Source from the "Center of the Omega" RBC confirmed that the deal fell through, but found it difficult to name the reason. Request for RBC in the administration of Krasnodar region were left unanswered.

The intention to completely or partially withdraw from the project "Krasnaya Polyana" the head of Sberbank German Gref reported in September of 2013. "This is our non-core activities, so of course we will try at some foreseeable future, as soon as the economic situation allows, to withdraw from the project by selling it whole or in part", - Gref explained.

According to SPARC, revenue NAO "Krasnaya Polyana" in 2014 amounted to 1.6 billion rubles, loss -. 8.2 billion rubles.

Most likely, the authorities of the Krasnodar Territory economy object looked and realized that they could not recover it for at least the next 15 years - and this was the reason for the refusal of the deal, said the deputy director of the development of the industry CBRE Stanislav Ivashkevich hospitality. "The authorities are such objects nikogand did not know how to manage, - he says. - In addition, the ski structure of the object does not reach the room volume, and this hinders the development of the entire complex. "

Cheaper - in part

CEO Krasnodar consultancy Macon Realty Group Ilia Volodko assumes that the acquisition of the resort was interested in the former governor of the Krasnodar Territory Alexander Tkachev, who in April 2015 was appointed minister of agriculture. "Perhaps the new team took another decision", - says Volodko.

Find a buyer for such an object would be difficult to Sberbank, according to Ivashkevich: "Now is not the time when you throw the money, so I think the ski resort may be interested in only a very ambitious buyer who exactly imagine how you can make this place profitable." In his opinion, it would be logical to sell the resort by parts separately - apartment complex, apart - hotel, then the shopping center and so on.

Talking about the cost of an adequate difficult, because the sale of precedents nsimilar facilities were not, says Head of Hospitality and Tourism of the Moscow office of Cushman & Wakefield Marina Smirnova. "The potential for a huge resort, but now we can not say that hotels are working at maximum capacity, - she said. - I think that the auction participants, first of all, will assess the potential of an object, rather than the current yield. "