B&N Group acquired PNK-Chekhov Industrial Park
The city of Moscow: B&N Group, owned by Mikail and Sait-Salam Gutseriev and Mikail Shishkhanov, acquired PNK-Chekhov Industrial Park according to the two sources close to the parties of the transaction.
A representative of the MLP Management Company that manages the warehouse projects of the Group, and Oleg Mamaev, PNK Group CEO (former owner of the facility), have confirmed this information.
PNK-Chekhov Industrial Park is one of the first major warehouse facilities in the Russian market: it was built in 2011. Today, according to MLP, the facility is filled to 100%. The major tenants of the Complex are retailers Eldorado, M.Video, and X5 Retail Group.
Only the area of 337,000 sq.m out of 397,000 sq.m of the total Park space was covered by the deal - the remaining 60,000 sq.m belong to different companies, two sources close to opposite parties of the deal said. Neither the representative of MLP nor Mr. Mamaev say for how much BIN has bought PNK-Chekhov. A source close to one of the parties of the deal assures that the deal amounted to 16-18 billion roubles (ca. $285-320 million). Now the facilities of this level cost 13.4 billion roubles, or ca. $ 238 million (at the exchange rate of the Central Bank of Russia as of June 8, 2015), on the basis of 40,000 roubles per 1 sq.m as evaluated by Vladislav Ryabov of Colliers International.
Major transactions of 2015
165-180 million USD - so much one of the office towers of the Metropolis Complex could cost to U.S. Hines Investment Fund. The Capital Group paid 163 million USD for the right to build a Multi-Functional Complex on 37,000 sq.m area on the Sofiyskaya embankment 90 million USD is the amount of the deal of purchasing Mercedes-Benz Plaza Business Center by the Region Group as estimated by the real estate consultants
According to the real estate consultants asked by Vedomosti, today the acquisition of PNK-Chekhov is the largest investment deal of 2015 (see Insert for details) and the third largest in the warehouse market throughout its history. Two years ago, in 2013, the BIN Group also bought a logistics developer MLP (owns warehouses in Russia and Ukraine). At that time, the project investment was evaluated as more than 700 million USD. Two years before, this very Group acquired Severnoe Domodedovo, the largest logistics complex in Moscow at that time (540,000 sq.m out of 1.1 million sq.m were built), according to the consultants, valued at 540 million USD. So far the third largest investment in warehouse property belonged to Raven Russia that paid 216 million USD to AKM Logistics in Shushary.
Vyacheslav Kholopov from Knight Frank calls PNK-Chekhov a very attractive investment. Its tenants include leading federal retail networks and major distributors under long-term lease contracts, and therefore they will bring a stable cash flow, he argues.
B&N Group is the largest owner of warehouses in Russia. According to an MLP representative, the total portfolio of the Group exceeded 2.2 million sq.m, of which 1.7 million sq.m are managed by MLP. For comparison: the portfolio of its competitor PNK Group is about 2 million sq.m (though, including the already sold PNK-Chekhov) according to its website, and Raven Russia has approximately 1.5 million sq.m (company’s own data).
B&N plans to increase its presence in the industrial property further, according to the words of Eriskhan Kurazov, MLP Director General, contained in an MLP report. According to him, the company is going to do both: acquire new high-quality assets and develop the logistics complexes it already has. For example, in the Severnoe Domodedovo project, about 300,000 sq.m can be build in addition.