Elite Moscow-based developer bought one of the largest publishing houses in Russia

The building of JSC “First exemplary printing house”

Who bought the printing press

JSC “First exemplary printing house” — one of Russia’s largest printing complexes (see incision). Trading in his sale took place on 18 may in Gostiny Dvor. The winner of the auction became LLC “Unitex”, according to the auction organizer — the Russian auction house (RAD). The firm has acquired the Federal property management Agency of the building and land press in Moscow, Saint-Petersburg, Kirov, Ulyanovsk and Chekhov, as well as the whole printing business for 2.03 billion RUB 20 million RUB over asking price.

For the purchase of a complex of claim 10 companies. To participate in the auction were admitted five of them — those that paid a Deposit. Up for auction were just two participants — “yuniteks” and BC “Zamoskvoretsky” (according to a database “SPARK-Interfax” on 100% belongs to the Cyprian Stanhigh Limited), told RBC press Secretary Alina Kuberskaya HAPPY.

Who is behind the buyer

The main activity Unitex”, according to Sparke, is advising on commercial activity and management. Revenue from the company are specified, and its net profit for 2014 amounted to about 5.8 million rubles (more recent data not in the database). The company is owned by the Demanio offshore Capital Ltd. (50%) and Sodbury Holdings Limited (49%). Another 1% — the Printkapital” controlled by the co-owner of the investment and construction company “Crown-market” Leonid Barenboim. Sodbury owned on a parity basis Boris Azarenko and Denis Kitaev, according to extracts from the register of the company. Same name the major shareholders of the developer Vesper, which specializiruetsya on the construction of elite residential property in Moscow.

The Vesper confirmed RBC representative of the company’s participation in the auction and the purchase of 49% shares of “First exemplary printing house”. The controlling stake was bought by the partners Vesper, which will develop book printing, and the developer is considering “possible projects of development of the premises of the printing house on Valovaya street in Moscow, he says. Details of the projects the company will disclose after obtaining permits.

Vesper

Vesper investment company to the premium segment of premium residential real estate. Among the key objects — house “Bulgakov” in Patriarch’s ponds, the St. Nickolas on Nikolskaya street, the club house of Chekhov close to Hermitage garden, club house Nabokov in the area of Ostozhenka, the house “Sovremennik” on Chistye Prudy etc. In 2015-2016 Vesper plans to invest 6.5 billion rubles in new facilities in the capital.

Who stands behind the offshore Demanio, in the extracts from the register of company not specified. Representative Vesper this information also does not disclose. Source RBC in one of the largest consulting companies working in the real estate market, says that Vesper is a senior partner in the acquisition of the assets of the printing house — the Chairman of Board of Directors O1 Group Boris mints. Another source familiar with the terms of the deal, also said that the printing house was bought in the interests of the group O1 Group Boris mints. Member of the Board of Directors of O1 Group Dmitry mints denied this information. In his words, O1 has “no relationship” to the transaction for the privatization of “First exemplary printing house”. The press service of the O1 Group declined to comment.

But, according to “SPARK-Interfax”, the General Director of “Unitex” is Vyacheslav Nazarov, who also heads the OOO “Adidas”. This firm since may 11, 2016 100% owned by the Cyprus “O1 group limited (among its current set of Directors Boris mints). Previous owner of “Adidas”, as appears from the register, was provided to the Cyprus “VESPER real ESTATE (CYPRUS) LIMITED”. When you try to contact Nazarov through another company, which he heads, RBC at the number listed in “SPARK-Interfax”, phoned reception of O1 Group.

Investment group O1 Group Boris mints, which occupies the 62nd place in the Russian rating Forbes with an assessment of the state of $1.2 billion, is one of Moscow’s biggest owners of office real estate. The group’s portfolio also includes the company O1 Properties (e O1 after the largest shareholder of group IST Alexander Nesis) has 14 business centers with a total leasable area thousand 517,5 sq. m (according to Forbes, the total rental income in 2015 — $395 million). Among them is a Lighthouse located at the Valovaya street, 26. The building next door — gross, 28 — the office is a “First exemplary printing house”. Also at the Lighthouse is the Central office Vesper.

Vesper itself, until recently, was also controlled O1 Group: 70% of the developer company Mintz purchased in may 2014. In the summer of 2015, the founders of Vesper bought the stake back. The representative of RBC O1 renegocier that participation in the capital of Vesper “was temporary” — O1 supported the developer when he needed additional funds for development.

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Photo: Vladislav Shatilo/RBC

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The building of JSC “First exemplary printing house”

What to do with typography

Vesper had long been interested in the premises of the printing on a Gross and was negotiating the purchase, says the interlocutor of RBC, close to the company: most likely, this object was purchased in order to obtain land in the centre of Moscow for the construction of luxury housing. On-site printing are the three objects of cultural heritage, built in the period 1880-1917 years, said a representative of the Vesper. But “the company already has successful experience of renovation,” he notes.

According to the unified state register, the area of land on which are buildings for printing on a Gross, nearly 1.8 hectares. there are nine objects with a total area of 38.2 thousand sq. m. According to the Executive Director of the capital markets Department, Colliers International Stanislav Bibik, the market value of land along with facilities is 2.5-3 billion rubles. the Auction and the market value of the asset is different, because on the balance of typography is a loan in the amount of €17 million (at the current exchange rate is 1.3 billion rubles), told RBC a source in RAD.

The place is well suited for the complex mixed-format retail space on the first floor overlooking Pyatnitskaya street storefronts, a small amount of office space and a significant proportion of premises — apartment, the Director of the Department of financial markets and investments at Knight Frank Alan Baloev. According to him, the cost of a new building on the site will make $2,5-3 thousand for 1 sq. m. to Predict the profitability of the project at this stage is difficult because not known parameters and functional purpose of the space, but it may be “normal for such projects 20-25%”, that is, the project can pay for itself in 4-5 years, says Baloev.

“Core” business of printing has a “small margins”, it is difficult to compete with development projects, so a large proportion of the proceeds of the “First exemplary printing house” probably accounts for the income from the rental of premises in rent, says Pavel Arsenyev, CEO of the printing complex “Pareto-Print” (works with publishers “Azbuka-Atticus”, “AST”, “Eksmo”, “amphora”, etc.). In his opinion, the office on Valovaya street is the “diamond in this whole structure” for the developer that would be able to convert the object. The buyer of the printing house, most likely, will retain its Moscow office and sell assets in the regions of local developers. Another scenario — sale of printing business individual structures, said Arsenyev.

“First exemplary printing house”

The company counts the history since 1876, when lithography on a Gross was opened by the merchant Peter Sharapov. In 1919 the company was nationalized and acquired its present name. In 2011-2012, the printing appeared a branch network in St. Petersburg, Kirov, Ulyanovsk and Moscow Chekhov. In July 2013, JSC, 100% state-owned, was included in the forecast plan of Federal property privatization for 2014-2016.

A leader in the printing market

“First exemplary printing house” calls himself a leader of the Russian printing industry. In 2015, the printing house released 118,1 million copies of books in hard and soft cover. According to the Russian book chamber, this amounted to about a quarter of the total book production in the country. The company’s revenue last year amounted to 2.9 billion rubles, told RBC representative of the “First exemplary printing house”. This is 4.5% higher than a year earlier, according to data “SPARK-Interfax”. Data on profit for 2015 the company did not disclose in 2014, this figure amounted to 10.2 million rubles.

Moskovskaya tipografiya only controls the branches in the regions, as part of the premises leases, told RBC mass of “Pareto Print”. In General, the company occupies about 25% of the Russian market of printing, and more — only publishing house “Higher school” with a share of 30%, he estimates.

New shareholder of “First exemplary printing house” is not planning to abandon the existing development strategy of the printing industry and will continue to work on new projects, told RBC General Director Yakov Soskin. According to his adviser Galina Ustinova, the publication house “had a brief conversation with a representative of the buyers and they have confirmed that they will continue their “regular job.” “The work is conducted in the same mode at production sites and in the office of the company on a Gross, 28,” — said Ustinov.

To contact “yuniteks” failed, the representatives of the “Crown-market” at the time of publication of the material did not respond to a request RBC.

With the participation of Dmitry Filonov, Elena Mesinai