One of the richest Russian investor will give the property FK “Opening”

One of the richest Russian investor will give the property FK “Opening”

Achieved by the owners FK “Opening” and “Rosgosstrakh” fundamental agreements of Association provide that the perimeter of the transaction includes a number of real estate companies. This was told three sources close to the parties to the transaction. “This, in particular, the company “RGS real Estate” and “the Legion of development”, — said one of the interlocutors .

According to another source , “RGS real Estate” and “the Legion of Development” real estate assets, which will move the “Opening”, not limited. The perimeter of the transaction will be a few more companies, he said, but to tell their names has refused. “The deal will include all properties under the control of Hachaturova, not only in Moscow but in the regions”, — says a third source .

The General Director “Rosgosstrakh” Dmitry Markarov said that only “Rosgosstrakh” about 2 thousand objects in the ownership and rental. “It is logical that the perimeter of the transaction includes assets in real estate,” he said . According to information , the majority of properties belong to Danil Khachaturov controlled through these companies, and they have just rented its financial structure (the insurer and the Bank).

In the “Discovery” and Rosgosstrakh Bank “Legion Development” has refused comments. “RGS real Estate” did not respond to a request .

According to investors, prepared for the placement of bonds of “RGS real Estate” on the website this company deals with optimization of a control system of the real estate Fund of GK “Rosgosstrakh”. As said Dmitry Markarov, the purpose of the “RGS real Estate” and real estate management “Rosgosstrakh”. According to SPARC, the owner of the company is a Cyprus Saxonite trading co. limited, final beneficiaries are not disclosed.

“The Legion of development”, according to information on the website, the company is engaged in investment projects on construction and operation of modern office centers of class A. In the assets of the company — business centers “Legion I and Legion III” in the center of Moscow at Bolshaya Ordynka and Kiev. According to the data SPARK, co-owners of CJSC “Legion development” is Andrei Eidinow and Dmitry Burov. In the Unified state registry (egrn) information about the owners of the “Legion III” there, and the owner of “Legion I” is CJSC “Legion development”.

Interviewed experts in the banking and real estate markets indicate that the ultimate beneficiary of both companies — “RGS real Estate” and “the Legion of Development” — is Danil Khachaturov. According to Forbes, in 2014 the two assets “Legion development” (“Legion I and Legion III”) Khachaturov was in the top-30 largest Russian investor. His rental income was $70 million annually, according to Forbes. Contact Khachaturov failed.

The issue price

Given that the full list of real estate, which will be included in the perimeter of the transaction “Open” with “Rosgosstrakh”, not disclosed, interviewed experts in real estate were able to evaluate only these two sources of asset.

According to the Director of practice for maintenance of real estate transactions PwC Sayana Tsyrenova, business center “Legion I” has an area of 57 thousand sq. m, including GLA of 36 thousand sq. m. among the tenants of the Novolipetsk metallurgical combine, “Egorov, Puginsky, Afanasiev and partners”, etc., according to the data of the egrn. The area of the “Legion III” — 66 thousand square meters, of which leasable area is 52 sq. m, the building is informally called the “house of state”, there are offices of “Rosgosstrakh”, “RGS-Life”, Rosgosstrakh Bank, pension Fund group.

Stanislav Bibik assesses the market price of the “Legion I” 350-400 thousand rubles. per 1 sq. m of leasable area, “Legion III” — 300-350 thousand rubles. per 1 sq. m of leasable area. Thus, the price of both assets can vary from 28.2 billion to 32.6 billion rubles., estimated .

Evaluation of Sayana Tsyrenova below: the market price of the business-center “Legion I and Legion III” — from $350 million to $380 million (at current exchange rates this is 19.7–21.4 billion rubles).

Danil Khachaturov

Photo: Kirill Kallinikov / RIA Novosti

The interest of the buyer

How much it will cost to “Open” deal with “Rosgosstrakh” have not been disclosed since the moment when in December of 2016 became aware of the impending Association “Open” with “Rosgosstrakh” and its subsidiary Rosgosstrakh Bank. In the absence of the review parties to the transaction on the market it is believed that it may be forced to “Rosgosstrakh” in a difficult financial situation due to loss of CTP segment where “Rosgosstrakh” — the largest player.

Thus, according to the Russian Union of motor insurers (RAMI), “Rosgosstrakh” received 54,67 billion rubles of insurance premiums, and paid 68,85 billion roubles As previously reported, the “Opening” had to provide the insurer with a loan, that is, to incur transaction costs.

In such a situation the inclusion of real estate in the perimeter of the transaction, even at the minimum made by experts assessment in RUB 20 billion makes it much more interesting for the group “Discovery”, points out managing Director of NRA Pavel Samiev.

Director of group Finance ACRES Alexander Proklov agree that the inclusion of real estate in a deal potentially reduces the risks for the group “Discovery” and makes the deal more attractive to investment, but only if an adequate assessment of the value of the key transferred assets. “However, an important question is how these properties will be structured and executed within the holding “Open”, — he added.

In the detail

However, companies, property managers Khachaturov themselves burdened debt load.

“RGS real Estate” is a holder of the public debt of the company “Rosgosstrakh”, indicate market participants. According to in circulation there are ten bond issues with a total volume of 29.2 billion rubles, With almost half of this volume were involved in 2016 — five editions by 13 billion rubles, Investors and market participants said that the Issuer has not arranged for presentations to investors, and not held premarketing before placing. “It was a way of funding “Rosgosstrakh” — said one of the interlocutors close to one of the parties.

“However, it is not excluded that the buyer of these bonds could be “Open”, — said Pavel Samiev. “So, the debt burden is not as onerous as if it was someone else’s debts,” says one of the interlocutors .