29.01.2015 Vedomosti

SERGEY GORDEEV’ PLATFORMA BECAME THE CO-OWNER OF THE INCOMPLETE SHOPPING MALL “FAVORIT”. PLATFORMA MAY SPEND AROUND 1 BILLION RUBLES FOR ITS COMPLETION.




Investment company “Platforma” established by PIK shareholder Sergey Gordeev, entered into the project of incomplete mall “Favorit” on Yuzhnobutovskaya street, said a person who close to one of the parties. Information was confirmed by two knowledgeable consultant. The representative of “Platforma” declined to comment. Praktika Development – a member of Platforma group will manage the project and fill it with tenants, the company’s CEO – Bulat Shakirov said to Vedomosti.

Shopping mall “Favorit” with total area of ​​37 000 sq. m – one of the Moscow long-term construction. As goes from the decision of the Moscow government, the company “Favorit Alliance” was to complete the project (its area was 25 800 sq. м by that moment) within 2003-2004. Construction time repeatedly extended – first till 2007, and then for another five years. However, the project was 95 % ready by the beginning of 2006, but the attempts to put it into operation was not a success.

Judging from the arbitrage cases catalogue, “Favorit Alliance” accumulated some debts by this period. For instance – the indebtedness to the Mosnitki factory (the successor of one of the participants in the project – Direksia kapitalnogo Stroitelstva) comprised 133,5 mln RUR. The department of property of Moscow filed a claim against the company amounting to 7,3 mln RUR. Following the application of “Gabenor Holdings Limited” to the Arbitrage court of Moscow – the company to which the debt in the amount of about 380 mln RUR was recognized by the court – the enforcement procedure in respect to the uncompleted shopping and recreation center “Favorit” and to the land plot was launched in September 2014.
The collateral value of the shopping center is 1.53 billion rubles and leasehold land (about 0.9 hectares) – 154,1 million rubles, says the court judgment.

“Gabenor Holdings” is affiliated with “Platforma”, said a source in the latter. According to him, all court proceedings are over to date, and “Platforma” became a co-owner of “Favorite alliance” with a share of more than 50%. According to the United State Register of Legal Entities (EGRUL) as of January 16, 2015 “Favorite Alliance” was owned in equal shares by its general director Badri Kuchukhidze and Anna Tishina.
“Platforma” has no plans to buy the share of Kuchukhidze, said a source in the company: “We will either jointly expose the mall to sell or will complete the construction and put it into operation”. It was not possible to get comments from Kuchukhidze and Tishina: phones specified in the database “SPARK-Interfax” as those of “Favorite alliance” belonged to other companies.

In the current stage “Favorit” can cost about 3.5 billion rubles, says the regional director of JLL in Russia and the CIS Natalia Tischendorf. Stanislav Bibik of Colliers International mentions 3 billion rubles, adding that after putting the building into operation the price may rise to 4 billion rubles. Investments to completion of “Favorit” can be about 1 billion rubles – “Platforma” source confirmed.
After the complex is filled with tenants, its cost may be about 7 billion rubles, says Shakirov from Praktika Development. “Due to the location near metro station “Boulevard Admiral Ushakov” the shopping center could have become a retail bomb of the area in 2006, which would have covered all the demand, “- says Tatiana Klyuchinskaya of JLL. Today this area is characterized by relatively high competition, said Andrei Novikov of CBRE. As an example he refers to the operational shopping centers “Witte mall”, “Northern Lights” and “Viva” as well as “Alphabet” and “Butovo mall” which are under construction. “In order to find its niche in the market, with all the success of its location “Favorit” needs to think carefully about the concept,” – concludes Klyuchinskaya.