Информационный обзор практики Недвижимости и строительства (1 июля - 9 августа, 2013)
major new projects
Moscow buys section of building at former ‘Moskvich’ auto factory
The major owner of the building, Metropol IFC, has sold the City 30,000 sq.m in order to house the residents of the Moscow technopolis. City authorities have built a technopolis on 28 ha of the former “Moskvich” auto factory, and they plan by 2015 to attract 100 companies that develop and manufacture high-tech products.
Admiral Group buys 4.4 ha to build class A warehouses
CJSC VTB Asset Management and Admiral-Terminal-SV logistics group have announced the signing of a deal to obtain land plots in the Marino Industrial Park in order to build a new 20,000-sq.m logistics complex.
ANT YAPI to build K2 Business Park in New Moscow
The class A business park – to be located 2 km from the Moscow Ring Road along Kaluzhskoe Shosse – will have four seven-storey office buildings with around 18,500 sq.m of space for lease. The first stage of construction is planned for completion in the second quarter of 2014.
New class A warehouse complex to be built on Moscow Ring Road
The class A Terminal Bulatinkovo warehouse complex will be located within the Moscow Ring Road between Varshavskoe and Kashirskoe motorways. The complex will be 35,000 sq.m, including 3,150 sq.m of office space, and the complex is set to open in June 2014.
Multi-use complex to be built opposite Kremlin
The 80,000-sq.m Tsarev Sad multi-use hotel complex on Sofiiskaya Embankment will be built by four architecture firms: Gerasimov & Partners, Studio 44, Studio Utkin, and MAO-Sreda.
Metropolis-2 to be constructed on Leningrad Shosse
The Architecture Council has approved preliminary design to construct the Metropolis-2 multi-use retail complex on Leningrad Shosse. Investment in the project is expected to be around USD 130-150 million, and it should be completed in 2016. Tengri Development LLC is the official investor.
Transstroy to build a fourth Moscow airport
Transstroy, which is part of the Basic Element group, has partnered with the French group Egis to construct a fourth airport in Moscow that is tentatively being called Airport-City. Investment in the preliminary design will be around EUR 1 million.
investment activity
Stonehenge investments acquires BAT-Yava building
The nearly 27,000-sq.m BAT-Yava building located in 3rd Yamskoe Pole St on 1.7 ha of land is one of Moscow’s oldest factories. The market cost of the building is USD 35-40 million.
Private investment in CRR to exceed RUB 60bn
There are plans to attract more than RUB 60 billion in private investment to construct the Central Ring Road (CRR) in the Moscow Region. Monies will also be attracted from the National Welfare Fund (NWF). The overall amount to finance the project should be RUB 300 billion, including RUB 150 billion from the NWF, RUB 74 billion from the federal budget, and RUB 76 billion from private investors.
Hines acquires 50% of Metropolis retail centre
Hines CalPERS Russia Long Term Hold Fund (HCRLTH) and Morgan Stanley Real Estate Investing have completed a transaction, under which Morgan Stanley, the selling party, has received around USD 640.
Russian Auction House to sell OJSC Centrodorstroy
On 31 October 2013, the Auction House of the Russian Federation plans to auction off 25% of the shares in OJSC Centrodorstroy (116,220 ordinary shares) at a starting price of RUB 464 million.
Federal legislation
Federal Law No. 144-FZ of 2 July 2013 expands possibility of small- and mid-sized business to buy leased real estate
The main section of the amendments concerns the purchase of leased real estate that is under regional and municipal ownership. The limits have been removed on the maximum area of leased premises planned for privatisation. The right to preferred purchase is available on premises that have been leased for at least two years as at 1 July 2013. If a party has leased property previously forbidden for privatisation for at least five years as at 1 September 2012, and the property has been included in the list of such premises for at least five years, then said party may buy said premises in order to support small- and mid-sized businesses.
Federal Law No. 142-FZ of 2 July 2013 adopted as part of latest amendments to Civil Code
The amendments are intended to establish indivisible items. Specifically, items that cannot be separated without violating (damaging) or changing their intended purpose, and those that are sold as single objects with proprietary rights, are considered to be indivisible when they have components. Consequently, such indivisible items may be recovered only as a whole. There is the concept of a single immovable complex, and these objects have the rights of being indivisible items.
State Duma adopts amendments to allow taxpayers to deduct property tax
The current redaction of the Tax Code of the Russian Federation grants individual tax payers the one-time right to deduct property tax when buying or constructing residences.
Laws on privatising state and municipal property, state registration of real estate rights amended
Under Federal Law No. 244-FZ of 23 July 2013, socially and culturally and municipally important buildings may be privatised as part of the asset portfolio of a unitary enterprise.
legislation in the Russian regions
City officials expedite three-fold purchase of property leased from city
The Moscow City government has confirmed the administrative regulation on state services to allow small- and mid-sized businesses the right to buy premises leased from the City in a period of 30 days, which is three times faster than the previous procedure.
Moscow government changes land rates
The Moscow City government has amended the decree “On Improving the Procedure to Set Lease Payment for Property in Moscow City” that was adopted in 2006. Lease payments will be set at 0.01% to 1.5% of the cadastral value of a land plot, depending on the future use of said structure, for the first two years of the six years during which developers are permitted to completed projects. If a developer does not complete a project after the third year, then said developer will have to pay at double the rate.
Moscow officials confirm procedure to change use of land
The Moscow City Duma has adopted amendments to the law “On Land Use” that set the procedure for changing the permitted use of land plots that are owned by individuals and legal entities. The Moscow City government sets the payment procedure for changing the permitted use of land plots, while the authorised body of the responsible Moscow authority will take the decision on changing the permitted use of a land plot.
Moscow officials to offer tax breaks to hotel industry
Decreased tax rates on profit, real estate and land will be used to attract investors to construct hotels. The Moscow City Duma will support City Hall’s initiative to grant breaks to investors that finance the construction of tourist facilities. The amendments are part of the law on tourist activity, and, in addition to lowering taxes on profit, land and real estate; they are intended to introduce a simplified procedure to obtain approval to construct such facilities.