Unlucky developer: why Vadim Moshkovich sells out his lands

The billionaire failed to make an arrangement with the authorities of Moscow and will sell his assets to BIN Group for $700 million in October.
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The fact that Vadim Moszkowicz 47 sells its developer's assets group BIN Mikhail Gutseriev became known in June. Developers assets - is 2442 hectares of land and shares of two construction companies Moshkovich "Augur Estate" and its "daughter" of "A1-1 Development". The seller said that he wants to focus on agriculture.
Terms of the transaction were not disclosed and the amount, experts assess the pages of the business media fluctuated between $ 1-2 billion. Of Forbes has learned that Moszkowicz will receive for the business to $ 700 million on hand. In 2007, businessman estimated the project at $ 7 billion, but now very different times. A source close to the BIN group says that they are buying at their own expense (at the same time the group closes the transaction for the purchase of MDM Bank and warehouses PNK). Why Moszkowicz, an old resident of Moscow development market, has decided to leave the business?

Ghost town

"I'm the most unlucky developer in Moscow", - says Moszkowicz, looking in the window of his office at the high-rise buildings, which are constructed on his land four kilometers from the Moscow Ring Road. Five years ago, this recognition seemed inconceivablewe are M. At two and a half thousand hectares of former state farm dairy NKVD Moszkowicz he was going to build a satellite city, which he called the "City of the Sun". For 25 years, there should appear 12 million square meters. meters of housing, 8 million square meters. m of commercial real estate, schools and universities; it was assumed that there will be living and working 900,000 people. According Moshkovich, he has already invested more than $ 1 billion in the project, and all was going to invest $ 60 billion.
The Government of Moscow Region approved its architects designed the development plan of the territory, and in 2009 began construction of the first phase of the project under the name "Quarter 101". Proximity to Moscow, convenient access to Kaluga and Kiev highway, seemed doomed the project to succeed.

In 2012 it happened another, at first glance, a happy event: the earth Moshkovich appeared on the territory of New Moscow. This immediately led to an increase in property prices. Revenues of the company "Augur Estate", the developer area in 2010 was 920 million rubles, and in 2012 exceeded the 3 billion "The project is very good, -. Forbes says the top manager of a rival company, which buildshousing nearby, but not in Moscow. - We watched with envy as they buy up apartments - only because of the Moscow registration. " In fact, Moszkowicz became the owner of 2500 hectares of land in Moscow.

However, after joining new territories to the Moscow agreement with the previous government collapsed. Moscow officials "froze" all development projects, and began again to give them permission. Master plan of integrated development Moshkovich land has not been approved, the territory was divided into individual plots of 1,000 hectares, which is called in the jargon "mugs". On each such "mug" NIIP General Plan of Moscow began to develop a separate development plan, which is approved by the Moscow construction complex.

To establish relations with the Moscow authorities, Moszkowicz actually gave the city 308 hectares of land for the construction of an administrative and business center, where they were to move out of Moscow's most officials. Moszkowicz then invited to co-finance the construction of a new metro line, which must pass through KOMMUNARKA. According Moshkovich, he and his party withHe did everything he could, but Moscow promises not kept. "Over the past three years I have received approvals for the construction of 50,000 square meters. m "- he says. Compared with 20 million square meters. m is quite crumbs. Even for already built houses had to sue Rosreestra, who did not want to put high-rise buildings and topographic surveys. Rosreestr Forbes has not provided comments on the merits.

Head of department of development of new territories Zhidkin Vladimir says that Moshkovich difficult negotiation process was just on the construction of transport infrastructure, roads, etc. The official confirmed that Moszkowicz addressed a proposal to co-finance the construction of the subway in person to the head of all construction Marat Khusnullin at the meeting, but adds that the words are not followed by real deeds. "He did not show sufficient activity in this issue", - says Zhidkin. "I wrote last year an official request to the government, but it remained unanswered," - Moszkowicz objected. After that, the businessman decided to seek a buyer for its assets. The representative of the Moscow construction complex Forbes has ignored the request."He had been looking for someone to build out their land," - says the official capital. The cadastral value of land -. About $ 2 billion "If an asset is problematic, then the sale of guided by the cadastral value, and even with a discount", - said Nikolai Kazansky, managing partner Collers Internetional.

Sell ​​the whole scale of such an asset is difficult, so Moszkowicz was negotiating the sale of at least individual sections. "We do not agree on the fundamental things," - says the owner of the company Andrei Ryabinsky MIC, which Moszkowicz negotiated about two years ago. Eighteen months ago, he tried to negotiate with the "Morton". According to a source in the company, the price requested Moshkovich, was too high. In addition, a prerequisite Moszkowicz always put cash payments, rather than any other form of calculation.

Administrative ram

Simultaneously Moszkowicz considered an option to sell its stake in the business. It was supposed to sell a 25% stake. "Back in early 2014, told me that he wanted to find a strategic investor", - said receptaclekomy Moshkovich, a major developer. "We needed an administrative ram - confirms the company's top manager Moshkovich. - We had a non-smooth relations with Moscow, the green light, we did not. "

As it became known of Forbes, there were two investment bank further asset already among potential buyers and a half years ago, was interested in the group BIN Gutseriev, but "who had come, and sneakers," says Moszkowicz: before all suitable price offered to VTB Bank. First, the bank considered the option to buy 25%. At the talks, according to Forbes sources, present in person, Andrei Kostin (VTB in Forbes did not respond to a request). However, the economic feasibility of the project, Costin proposed to purchase the asset in its entirety. "We have signed a preliminary agreement on 5 December and the 16th had a" Black Tuesday ", - said a source familiar with the circumstances of the transaction.
It was December 16, 2014 the Central Bank raised its key rate by 6.5% to 17% per annum, and the ruble has fallen to 80 per dollar. By mutual agreement the parties have decided to take a break.

March 1, 2015 expired Moshkovich obligations to VTBAnd State Bank changed his mind to carry out the transaction. Thus began substantive negotiations with the structures Gutseriev, who all this time has confirmed its interest in the transaction. Negotiated nephew, businessman Mikail Shishkhanov 139. "Kommunarka" was familiar to him: a member of the belonging Shishkhanov holding "Inteko" Insurance company strategy has been the general contractor for the construction of several buildings quarter "Moscow 101".

Without barriers

Why Shishkhanov sure that he will implement the project, which was denied Moshkovich? "BIN Group will achieve the necessary approvals, - said a source in the company. - We have a well-established normal communication, we have long been working in the Moscow market. " summer According to Forbes, the future owners of real estate assets Moshkovich met with the Moscow authorities and expressed their willingness to participate in the construction of transport infrastructure.

According to a source in the company Moshkovich received from the transaction money will be invested in the agricultural business, "thinly spread" in & laquo; RusAgro ". "We" Rusagro "less administrative barriers, they are absent in the fields, so the degree of freedom is much more", - says Moszkowicz. He has a lot of plans for the development of pig-breeding business, and including the Far East, he plans to invest nearly 19 billion only in the first large-scale pig farm in Primorye.