The business of Alexander Ruchiev spread to Germany

The former owner of GC Morton finished development in Russia and started projects in the Czech Republic and Germany. Its structures build housing near Stuttgart.
The group "Osnova", created by the former shareholder of development company "Morton" Alexander Ruchyev, expands its foreign portfolio. The company will build two residential complexes in the German Stuttgart and its surroundings with a total area of ​​3 thousand square meters. m. The constant growth of the population in the city provoked a shortage of housing, which led to an increase in property prices.

As told by "Kommersant" Alexander Ruchiev, GC "Osnova" will deal with the implementation of two new projects in the field of residential real estate in Germany. Agreements on the intention to purchase land plots have already been signed, the deal is planned to be closed within two weeks. According to the businessman, the housing will be built business class. The first project will be located in Stuttgart in the Degerloch area on a 0.16 ha plot. Investments in the construction of a complex with a total area of ​​1.33 thousand square meters. m will amount to € 7.23 million. The second project provides for the construction of 1.67 thousand square meters. m in the town of Plochingen, located 20 km from Stuttgart. Investments in this project will reach € 6.5 million.

The decision to engage in the construction of housing in Germany, Mr. Ruchiev explains the stability of the local residential real estate market and effective legislation. The latter, he notes, allows you to raise funds from individuals using the escrow account mechanism, while the transfer of funds to the developer occurs on the basis of the completion of each stage of housing construction. Partner of Colliers International Vladimir Sergunin calls Stuttgart one of the six most attractive German real estate investments in terms of real estate investments along with Berlin, Frankfurt am Main, Munich, Düsseldorf and Hamburg. "Investors are attracted by low risks, the possibility of obtaining a residence permit and a generally favorable climate for doing business," he explains.

The head of projects of the department of foreign real estate and private investment Knight Frank Jeanne Ovchinnikova points out a significant shortage of housing in Stuttgart, which is the reason for the growth in property prices. According to Deutsche Bank, prices for finished housing in Stuttgart have more than doubled since 2009, and by 14% in 2017. Rental rates increased by 63% and 12% respectively. "Automobile industry enterprises, many research centers and universities are concentrated in the city, 30% of graduates remain in Stuttgart," says Mrs. Ovchinnikova. Against this background, according to her, the profitability of investing in residential projects reaches 25%.

GK "Osnova" exists since 2016. Its founders are ex-shareholders of one of the largest developers of residential real estate in Moscow and the Moscow region of the Morton Mortgage Company. In 2016, the control over this company received the structure of the PIK group Sergei Gordeev. The main owner of the "Fundamentals" is Alexander Ruchiev. The company has ten projects in the Moscow region with a total area of ​​500 thousand square meters. In the foreign portfolio of the company there are only two residential complexes in Prague, the beginning of construction was announced last year (see "Kommersant" on September 28, 2017).

The Czech Republic and Germany are not the only European countries to which the "Basis" can interest in the future, says Julia Ovchinnikova, director of foreign real estate Savills. Housing business class, she argues, as a rule, is geared towards local buyers making transactions involving mortgage loans, so cities with a shortage of housing or a projected population growth are interesting. Among them, Mrs. Ovchinnikova identifies the cities of Great Britain and the Austrian capital Vienna. Mr. Sergunin agrees that investment in housing in London, Manchester and Birmingham can be justified. To this list he also adds Spanish Barcelona.

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