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Out of sight, out of mind

С глаз долой, из сердца вон

Living abroad, the owner of Urban Group is selling off assets in Moscow

Owner of GK Urban Group, which is in the process of bankruptcy, Alexander Dolgin decided to sell their assets, including a historic mansion near Lubyanka and two floors in the business centre “Aerodom”.

The house in Milyutinsky lane over a hundred years. Currently, he is in need of major repair and partial restoration. According to sources, the seller asks for the object of 1.35 billion rubles – about $2 thousand for “square”, at an average cost of apartments in the Central district of Moscow in $10 million thus representatives of the real estate market say that the former telephone exchange to convert for apartments will not work because there is a small window. In addition, the required change permits, which would entail the increase of costs by 20%. In the event of conversion of a building for offices, then “afford” to 500-600 million rubles, and the cost of the building will eventually grow to 2 billion rubles. Sale of apartments could bring up to RUB 2.5 billion.

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Two floors in the “Aerodome” (total area of 36 thousand sq m), according to market participants, there are 1.7–2 billion rubles. the calculations are based on the fact that the average cost of “square” is 260-300 thousand RUB However, expect this amount a one-time sale of space is not worth it, they add. The buyer is willing to invest such a large sum, certainly will require a discount. Thus looks more realistic figure 210-220 thousand rubles. for “square”. Or, the area in BC will have to sell.

The sale of the property Alexander Dolgin decided to start on the background of the financial problems of the Urban Group. Now the company that attracted money from almost 15 thousand shareholders, introduced a procedure of observation. On completion of construction works will require more than 67 billion rubles., return from which will only be about 12 billion, As previously reported, the money will be allocated from the Federal budget and the budget of the Moscow region.

As shown by the audit, the developer has overstated the cost of construction, which often indicates a withdrawal. To date, five companies that were part of the Urban Group, were declared bankrupt. They introduced bankruptcy proceedings. Ex-Director of GK Andrey Puchkov is accused of abuse of power. He wanted.

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Experts point out that in light of the situation that has developed in the property development business of Alexander Dolgin, a business can face challenges when selling their assets. There is a possibility that the recognition of Urban Group bankrupt Dolgin will be subject to vicarious liability. Although this development is unlikely, but buyers have to consider the risk of challenge of transactions in the purchase of personal property Dolgin.

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