06.03.2015 Vedomosti

SERGEY GORDEEV’S “PLATFORMA” TO SELL PRAKTIKA DEVELOPMENT




The share of “Platforma ” in Praktika Development will be bought out by Bulat Shakirov – the CEO of Praktika Development. Shakirov told “Vedomosti” about this, and it was confirmed by a representative of “Platforma”. According to “SPARK-Interfax” as of March 5, 2015 the investment company owned 51% share in “Practika Development ” LLC and Mr. Shakirov owned 49 %. Mr. Shakirov refused to lay out the amount of the transaction, saying that he acquires the share in the company for his own funds. According to him the transaction is planned to be closed before the end of March.

Praktika Development создана в 2013 г. для управления торговыми центрами и предоставления консалтинговых услуг. Сегодня в ее портфеле восемь проектов, пять из них принадлежат «Платформе»: торговый центр «Ривьера» (бывший River Mall) площадью 258 000 кв. м возле ст. м «Автозаводская», универмаги «Белград», «Ясенево», «Молодежный» и «Добрынинский». Praktika Development также управляет центрами Mari (135 000 кв. м, принадлежит ФСК «Лидер») в Марьине, «Каскад-сити» (52 000 кв. м) в Чебоксарах и «Галерея «Минск» (100 000 кв. м) в Минске.

Praktika Development was created in 2013 to manage the shopping malls and to provide consulting services. Today its portfolio consists of eight projects, five of them belong to “Platforma”: shopping center “Riviera” (former River Mall) with the area of ​​258,000 sq.m. near metro station “Avtozavodskaya”; department stores “Beograd”, “Yasenevo”, “Molodezhnyi” and “Dobryninsky”. Praktika Development also operates centers Mari (135,000 sq . m, belongs to the FGC “Leader”) in Maryino , “Cascade City” (52 000 sq . m) in Cheboksary and “Gallery “Minsk” (100 000 sq . m) in Minsk.
Originally Praktika Development was created for management of “Platforma”’s projects – recalls Shakirov, but in the current economic situation, new development projects are not likely to appear in the near future, and the existing ones will be frozen. The company, according to him, continues to receive offers from the owners of shopping centers to take them for management”. To avoid a conflict of interest when Praktika Development would manage its competitors, the decision to close this deal was made” – explains Shakirov, stating that “Platforma” will remain a strategic partner of the company.

According to the financial statements of “Practika Development”, the company’s revenue in 2013 (there is no more recent data available) amounted to 12.4 million rubles, Net loss – 14 million rubles. The market value of managing companies, as a rule, equals to EBITDA 4-6 annual figures, says managing partner of Colliers International Nicholay Kazanskyi. But given the situation on the market, he says, the deal is likely to be purely symbolic – it is quite difficult today to calculate the financial flows from the malls. According to Kazanskyi, the new owner will simply assume all liabilities for the company’s loans and for the company’s maintenance. As of the end of 2013 the long-term loan commitments of “Practika Development” were equal to 18 million rubles and the short-term – to 414 000 rubles.