The owners of Russian shopping centers ask to transfer rents to the retailers from currency into rubles, said the Deputy head of the Ministry of industry and trade of Russia Viktor Evtukhov. According to him, in case of refusal, the Ministry is ready to initiate the adoption of a law prohibiting to set rents in foreign currency.
“We have gathered representatives and manufacturers and retailers and developers and tried to negotiate that exchange rates have been translated into roubles. We were asked to do it voluntarily, if we do not hear, we have prepared a draft law, which prohibits the establishment of rental rates in the Russian Federation in foreign currency”, — Evtukhov said (quoted by TASS).
The Deputy Minister stressed that the high rental rates is a “big problem for those who sells the goods in retail chains”, but in recent years landlords have become “more are able to negotiate” and he hopes to see “positive movement”.
Earlier the Moscow Arbitration court has satisfied the claim “VympelCom” demanding to change the contract with the company “Tizpribor”, which the mobile operator leases a number of premises, so that the rate at which the tenant must pay the landlord, never exceeded 42 rubles per dollar.
According to the judge, because of the fall of the ruble exchange rate charged by the company “Tizpribor” rental fee (under the terms of its contract with VimpelCom, the lease payments were last made in rubles based on the official dollar rate set by the Central Bank on the day of payment) significantly exceeded the market average, creating the possibility of “unjust enrichment of the lessor”.
Experts said then that the court’s decision may become a dangerous precedent and lead to the revision of many other treaties. For example, the market for class A office in Moscow, according to Evgeny Semenov from JLL, about 50-70% of the lease contracts concluded in foreign currency.