The fall of the Bitcoin rate hit the real estate in Moscow City

Bitfury forced to move out of the tower "Mercury".
The fall of the bitcoin rate was reflected in the real estate market. The Mercury tower, which in the Moscow City business center belongs to the owner of the same name group Igor Kesayev, lost one of the tenants, Bitfury, a company specializing in blockchain technologies and cryptocurrency mining. The lease agreement for a period of five years was signed just a year ago, and the tenant has already defaulted on rental payments.

Promtekhnokom, which owns the Mercury tower, requires 36.3 million rubles. the Russian "daughter" Bitfury, follows from the filing of arbitration cases. A representative of Promtekhnokom clarified to “Kommersant” that the lawsuit was connected with a delay in rental payments: in 2018, the parties signed an agreement, but Bitfury did not fulfill its obligations and defaulted on rental payments. In "Promtekhnokom" add that "Bitfury really wanted the square in the" golden tower "(in the" Mercury "lining of orange color -" b "), because bitcoin is associated with gold." In Bitfury itself did not respond to the request “b.” Bitfury moved to Mercury from the coworking Cabinet Lounge in Lubyanka. In this tower, the company occupied 1,6 thousand square meters. m

Bitfury was created in 2011 by Valeriy Vavilov and specializes in mining cryptocurrencies and working with the blockchain. In addition to Russia, Bitfury has offices in Canada, London, China, the Netherlands and other countries.

The “Mercury” tower of billionaire Igor Kesaeva began to be actively filled with tenants only in early 2018, although it was commissioned in 2014. With the arrival of a new team a year ago, the high vacancy level was reduced: according to CBRE, about 15,000 sq. M. Remain unoccupied. m of 90 thousand square meters. m offices. Among the largest tenants of the tower are the metallurgical company Norilsk Nickel, the investment company Alma Group, the retailer Dixy and the TV channel World Fashion Channel. About 10 thousand square meters. m owned by Japan Tobacco International.

Andrei Novikov, financial director of Tactics Group, claims that other mining companies did not have similar rental deals. And given the negative dynamics of Bitcoin, it is not worth waiting for large transactions from companies in the cryptocurrency sphere, he said. The peak rate of bitcoin fell on December 2017, when its value reached $ 20 thousand. Now the figure is two times lower: one bitcoin costs about $ 10 thousand.

According to Mr. Novikov, in the summer of 2018, the rental rate at Mercury was 25-30 thousand rubles. for 1 square. m, and taking into account the operating payment, the annual rent budget of Bitfury could reach 60 million rubles. Such a payment is essential even for a stable business, not to mention a company from a new, fairly risky sector, the expert states. At the same time, he does not exclude that the conflict with Bitfury happened not even because of the high rates in “Mercury”, but because of the quality of the tenants. Andrei Novikov assumes that the new team wanted to show a positive load dynamics, while the reliability of the counterparties remained in the background.

Vladimir Rybakov, director of office real estate at Accent Capital, agrees that mining companies can be classified as risky tenants, “since this business is quite young and its future is not obvious.” He claims that a lawsuit is a last resort in rental disputes, so the owner either has a potential tenant on Bitfury Square, or the miners have repeatedly violated the terms of the contract. According to Accent Capital, the vacancy rate in Mercury reaches 20%, which is two times higher than the average for Moscow-City, and a new tenant, Promtechnocom, is unlikely to be found earlier than in three to five months. However, CBRE adheres to a different position: consultants are confident that Bitfury itself has lost interest in renting space in the tower.