Safmar group of Gutseriev-Shikhanov family is trying to consolidate all space in “PNK-Chekhov” — one of the largest logistics parks in the suburbs. The group is in talks with Alfa-Bank for the purchase of the 40 thousand square meters of the warehousing real estate. After the acquisition of the logistics park Safmar would be able to optimize logistics costs for their newly acquired consumer electronics retail chains M.video and Eldorado.
The part of the PNK-Chekhov park that’s put for sale belonged to the structures associated with the “RB Invest” joint owners of which are considered to be the shareholders of Russian international Bank Alexey Kurochkin and his partner Alexey Dedyulya. The prorety is put for sale at a price below the market by 17 to 24%, or 25 thousand rubles. per 1 sq. m. Accordingly, the amount of the deal could reach 1 billion rubles.
In September 2015, “RB Invest” had troubles servicing the debt to Alpha-Bank. The parties resolved the dispute in court, but a year later agreed to repay the debt by selling of real estate of the debtor. Among the properties to be sold was “Carnival” shopping mall (32.8 thousand sq. m) in the Moscow suburb of Chekhov, Metromarket shopping center (5.7 thousand sq. m) by metro station “Sokol” and the hub in the “PNK-Chekhov” logistics park (40 thousand sq. m). According to consultants, Safmar is not the only contender for the purchase of “PNK-Chekhov”. The representative of the Safmar and the press service of Alfa-Bank declined to comment.
Safmar Group (formerly BIN) of Gutseriev-Shikhanov family in 2016 according to Forbes magazine took fourth place in the list of the largest property owners in Russia: its annual rental income is estimated at $430 million, the group owns around 2 million sq. m of warehousing real estate in the suburbs, including Logopark Nikol’skoe (107 sq. m) and Dmitrov “North Domodedovo” (560 sq. m). In 2013, the group acquired a logistics operator MLP that owns and operates 730 thousand sq. m of warehouse real estate.
For Safmar deal with Alfa-Bank is quite logical: in 2015, the group acquired 85% of warehouse space (337 sq m) in the “PNK-Chekhov” with estimated price of 16-18 billion rubles, or about $285-320 million at the exchange rate of the Central Bank set at the time. Accordingly, the acquisition of Alfa-Bank’s stake in “PNK-Chekhov” will allow Safmar to almost completely consolidate the entire park (with remaining 20 thousand sq. meters belonging to other companies).
Within a radius of 50 km from the “PNK-Chekhov” there are warehouses of such big companies as X5 Retail Group, M.video, Adidas, says the Director of Warehousing Department of “Knight Frank” Maxim Zagoruiko. In addition, he continues, Simferopol highway is the least loaded route, and is also a major transport corridor linking St. Petersburg and South of Russia. According to Mr. Zagoruiko, from the 40 thousand sq. m that’s put up for sale in Logopark PNK-Chekhov about 10 thousand sq. m are being rented at the optimal rental rate of 3.5 thousand rubles. per 1 sq. m, including VAT and operating expenses. The main tenants of the warehouse today are retailers of home appliances and electronics “M.video” and “Eldorado”. Safmar announced the acquisition of 57,68% in “M. Video” and 100% of “Eldorado” in the second half of 2016. It is believed that this transaction will enable retailers to optimize logistics costs.