The largest transaction of the year was closed in the warehouse real estate market. Professional Logistics Technologies ("PLT"), established in early 2016 by Russian Direct Investment Fund ("RDIF") jointly with partners, has purchased a logistics complex with an area of 100 thousand square meters, developed by "Orientir". The cost of deal is estimated at up to 5 billion rubles. Buying warehouse real estate built for specific tenants is fraught with risks: it can be difficult to rent an object to another company.
Established by a consortium of "RDIF", major international sovereign fund "Mubadala" and other funds, "PLT" acquired the logistics complex "Sever-4" near Solnechnogorsk with an area of 100 thousand square meters from the developer "Orientir". This "Kommersant" was told by the parties to the transaction, without disclosing the amount. "Platforma.Legal" acted as a consultant for "Orientir". Denis Platov, Director of the Capital Markets Department at "Colliers International", calls the purchase the largest investment transaction on the market this year. Mikael Ghazaryan, a member of the "JLL" Board of Directors, estimates "Sever-4" at 4.5-5 billion rubles. According to the calculations of Anton Alyabyev, Senior Director of the Warehouse and Industrial Real Estate Department at CBRE, the rental rate in the complex can be 4.2-4.3 thousand rubles per 1 sq. m. per year.
Initially, PLT planned to purchase only 43 thousand square meters built for the "Perekrestok" chain (part of "X5 Retail Group") in "Sever-4". The General Director of "Orientir" Andrey Postnikov clarifies that the current deal involves a phased purchase of all the objects of the logistics park as construction is completed and leased. So, in addition to the "Perekrestok" warehouse, another building will be built for 22 thousand square meters, where half has already been leased by the logistics company "Ahlers". Negotiations on the lease of another building for 35 thousand square meters. m, the construction of which is planned to be completed by the end of the year, is still ongoing.
Most of the projects "Orientir" built according to the scheme built-to-suit, that is, for a specific tenant, and "Sever-4" is no exception. According to Mikael Ghazaryan, investment transactions for the purchase of such warehouses are gaining popularity, but this property carries certain risks associated with the unique requirements for the construction of premises for a particular company.
The versatility of the speculative warehouse makes it a more liquid offer, interesting for a wide pool of tenants, agrees Denis Platov. According to Anton Alyabyev, recently the rates for projects for specific players were significantly lower than the market average, but with an increase in the cost of construction and an increase in the key rate, rental rates in the built-to-suit segment are expected to increase.
Source - Kommersant https://www.kommersant.ru/doc/4793848