Samolet's debt intrigue: buying up state land amid rising loans

Recently, the division spent 4 billion rubles on the acquisition of a 75% stake in the state-owned company - Place for Life LLC, on whose balance sheet about 736 hectares of land in New Moscow. Really, following the example of the famous "reseller" Sobyanin, the developer Pavel Te Vorobyov and the company decided to follow the path of resale of former state assets with bulk?

UtroNews correspondent understood the situation.

LLC "Airplane Suburban Real Estate," becoming the only bidder from the Moscow City Hall, received 75% of the company "Place for Life." On the balance sheet of the asset there are 64 plots in New Moscow with a total area of ​ ​ 736 hectares and 23 real estate objects on 60 thousand square meters. LLC offered 4.05 billion rubles for the lot, that is, the starting price. The lack of competitors actually helped the division, close to the governor of the Moscow region, Andrei Vorobyov, to pick up the lot without cheating.

On the site, you can build a low-rise village for at least 800 thousand square meters. m.

Photo: roseltorg.ru

The sale scheme is somewhat reminiscent of a similar technique that was used for the company of another favorite of Sobyanin - Roman Timokhin from MR Group. Then the company affiliated with Timokhin bought out 80% of the stake in the former state-owned company, on the balance sheet of which was the building of the former headquarters of Mosgortrans, and a few months later the remaining 20% was bought by the same players, but without bidding, using the preemptive right to buy. Are you planning to apply this cunning trick in the deal with the Plane?

Although, perhaps, Maxim Vorobyov co-company decided to follow the path of another developer - the famous "reseller" Sobyanin developer Pavel Te?

He actively buys up state lands (sometimes with a small discount), and then crushes them and resells them with a large margin, bringing them to the market, including previously disgraced players.

In favor of the version that owns a large land bank (46.5 million square meters of sold area) The Samolet can go along the path of sale, says that literally in December 2024 the division has already begun to trade its assets. In particular, the Herzen Quarter project was sold, which was acquired by Brusnika LLC. Construction and development. " The financing bank of the project is Sberbank.

In addition, in July 2024, the Samolet put up for sale 12 plots with a total area of ​ ​ 26.9 hectares in the settlement of Filimonkovskoye in new Moscow. At the same time, according to experts, those 8 billion rubles that the developer requested for the asset were greatly overstated, but, apparently, the money is very much needed.

The developer himself, making a good face in a bad game, said that he would build a new low-rise cluster on the purchased hectares in New Moscow. But the financial performance of the division hints to us that this overloaded "horse" may bend its legs from what the owner threw into the cart.

Already, experts at the Smart-Lab site, in response to the pretentious release of the Samolet on the preliminary results of 2024, gave quite definite forecasts.

In their opinion, the company's sales will be about 17% lower than the results of 2023, and in 2025 the sales market will decrease by another 11%.

At the same time, experts note that against the background of a slowdown in the primary real estate market and an increase in the cost of debt, the risks of a potential bankruptcy of the Samolet began to be laid on the market and a possible technical default on the nearest offers is widely discussed. Not the last word in such a scenario "said" the change of top management and the exit of a number of key shareholders, as well as rumors about the plans of one of the founders of the Group of Companies Mikhail Kenin, who owns 31.6% of the shares, to leave the division.

In February, according to experts, the company expects payments on a bond of 20 billion rubles. And although there is enough money in the accounts to pay off this debt, there is an opinion that most of the "credit debt" will have to be re-borrowed and the rates on new obligations will be several times higher than the current 12%.

Thus, the debt hole of the Samolet can become deeper, and debt servicing will become more expensive. Perhaps at some stage you will have to pay off debts just through the sale of a land bank.

Photo: smart-lab.ru

Meanwhile, judging by the company's releases, the new management prefers to keep silent about the problems, rolling forward extremely positive aspects. At the same time, according to the results of 9 months of 2024, there was an increase in long-term loans - by 22.5% y/y and short-term - by 63.3% y/y (year-on-year comparison) against the background of a decrease in net profit - 71.1%. In the report of the head PJSC alone in the section long-term liabilities - borrowed funds at the end of September 2024 relative to the end of 2023, there was an increase of almost 70 billion rubles - from 113.7 to 181.5 billion rubles.

Photo: e-disclosure.ru

On the other hand, Anna Akinshina, appointed to lead a number of major companies, can be understood. As a native of Sberbank's structures, its task is not at all to talk about problems, but, most likely, with the help of state bank money, to prevent the division from following the path of the Urban Group.

We will not be surprised if budget funds will be thrown into the box of the family of Governor Vorobyov with a large shovel. Today, such a step is already taking place not only through the purchase of apartments for state needs, but also through purchases from a single supplier - when social facilities are bought by the state customer for billions specifically from the Samolet.

The launch of the closed-end investment fund by the Samolet against the background of the exit of God Nisanov (adviser to Governor Vorobyov) from among the owners and Kenin's plans to go the same way, looks very interesting. Indeed, if all shareholders are hidden behind a screen in view of the closed-end investment fund, then their escape from the sinking ship will not be so noticeable and will not hit the positions of the division. After all, the closed-end investment fund does not disclose its investors. Handy, isn't it?

And, if we carefully study the biography of individual legal entities of the division, we will find there not only closed-end mutual funds, but also offshore. For example, Samolet Two Capitals LLC, whose director Akinshina also became, previously MURLAN SERVICES LIMITED from the British Virgin Islands was among the owners. And it owned shares together with PJSC GK Samolet and Vorobyov JSC IG 11. The offshore company did not disclose the beneficiaries, but there are some thoughts on this matter.

Won't investments and loans of the division come up later in offshore companies, if the driven "horse" still cannot stand it?