Boris mints signed a major deal with the real estate office

Non-classical scheme

In may this year, the investment company O1 Properties took control of the business center “Aurora business Park”, said RBC representative of the company. The project developer was made by Forum Properties brinskogo Andrei and Vladimir Zubrilin.

General Director of Forum Properties Sergey Voronin, told RBC that the parties now agree to the latest technical aspects of the sale of the business center “Aurora business Park” O1 Properties, which will be closed in the near future. Her condition he did not disclose.

In December 2015, the co-owners of Forum Properties became shareholders of O1 Properties bought 5.88% of the shares of the company during the additional issue. The company stated that the received from the sale of shares the money will go to refinancing the credit load and the development of the portfolio. Previously RBC wrote that the acquisition of the business center “Aurora business Park” may be paid in securities of O1 Properties. The additional issue was part of the deal, confirmed RBC representative of the company, adding that as part of the transaction in March Andrey Barinsky became part of the Board of Directors of O1 Properties.

The deal will be the largest since the beginning of this year, said Director of the Department of capital markets, Colliers International Sayan Tsyrenov. In this scheme cannot be called classical: the market knows only a few cases of exchange of shares of the company on the business center. Previously, a similar scheme used is still the same O1 Properties as part of the transaction assets group IST Alexander Nesis. In early 2016 the company “Yandex” in the purchase of its headquarters at the business centre “Red rose” transferred part of its shares in the company KR Properties.

“Given the liquidity that we see now on the market, structuring the transaction in this way — selling part of the stock — seems quite logical and reasonable. In past years, such transactions were extremely rare, but in the current situation, can we expect such sales,” — says Director of financial markets and investments at Knight Frank Alan Baloev. However, he agrees that the sale of the business center “Aurora” is one of the largest and most significant transactions in the commercial real estate market.

O1 Properties is one of the largest owners of office real estate in Moscow. Until recently, the company owned 13 business centers, total area of which — 501 thousand sqm By the end of 2015, the value of the portfolio of O1 Properties was $3.7 billion Net debt — $2.7 billion based on these figures, at the time of entry of new shareholders, the company could be valued at $1 billion, estimated senior analyst FG “Brokerkreditservis” Marat Ibragimov. Thus, the cost shares of the new shareholders of Forum Properties now stands at $58.8 million At the time of the transaction, at the end of 2015, the asset was estimated at $85 million.

After the additional issue, the main shareholder of O1 Properties Boris mints increased their share from 68.3 per cent to 69,71%, while the EAST group has reduced the share from 18.8% to 14.42%, and Goldman Sachs — from 11.9% to 9.15%. 0,83% control over top managers of the company.

The tenant in question

Until December 2014, the business center “Aurora business Park” with an area of about 86 thousand square meters, is located at metro Park, was estimated at $550 million, says Sayan Tsyrenov. Today it can cost $400-450 million, he said, while maintaining contracts with major international tenants, denominated in US dollars and euros. General Director of CBRE Vladimir Pinaev evaluates the object even cheaper — at $300 million to the asset encumbered by the loan of several hundred million dollars, you know, the interlocutors RBC.

Price business center “Aurora” can be reduced even more. In 2012, EY signed a lease contract on 30 thousand sqm for a period up to 2023. Rental rate is $800 for 1 sq. m a year. Recently, the company thought about changing headquarters. The contract it signed with S. A. Ricci. “The Moscow office of the EY do considering the possibility of moving, — told RBC in the press service of EY. — At the moment we have four alternative options for hosting the headquarters”. S. A. Ricci declined to comment.

“EY the lease without the right of unilateral termination, — said Sergey Voronin. Companies now propose options for changes to the lease terms, which it considers”.

Two source of RBC familiar with the details of the transaction, saying that the contract Forum Properties with EY spelled out the possibility of early termination.

According to Colliers International, with its maximum value of 32.7 thousand RUB for 1 sq. m a year in the first quarter of 2015 — rental rate of class A offices decreased to 25.5 thousand rubles. per meter at the end of the second quarter of 2016. In dollar terms, the decline during the same period is even more significant: from $560 to $393 per 1 sq. m a year. For comparison, the maximum peak in the third quarter of 2012 the dollar rate reached $855 per 1 sq. m a year.