A generous developer helped Elena Baturina repay her loans ahead of schedule this summer.

A generous developer helped Elena Baturina repay her loans ahead of schedule this summer

The Inteko land in the southwest of Moscow was purchased by a structure close to the Bank of Moscow using a loan from the Bank of Moscow at a pre-crisis price

Original of this material
© Vedomosti, 12/17/2009, Who helped Inteko

Bela Lyauw, Anton Filatov

Vedomosti became aware of a buyer who paid a good price for Inteko land in the southwest of Moscow in the summer. The wife of the Moscow mayor was then rescued by a structure close to the Bank of Moscow.

In the summer, Elena Baturina’s company Inteko announced that it had returned 27 billion rubles to the banks ahead of schedule, having sold its blue chips and 58 hectares of land in the south-west of Moscow (the plot was registered to TD Ramenskaya LLC). The company did not name the buyer; its employee only added that the land was acquired by a development structure that paid about 13 billion rubles for the site. The buyer was generous: this is a good pre-crisis price – 220 million rubles. for 1 hectare, at the beginning of 2009 the discount could reach 50%, says Malako Group partner Ilya Shershnev.

In August, TD Ramenskaya LLC changed shareholders: in the Unified State Register of Legal Entities, instead of the top managers of Inteko (90% – Elena Baturina, 5% each – her deputies Oleg Soloshchansky and Konstantin Edel), CJSC Premier Estate appeared. This company was registered only in March 2009, 98% of the shares belong to Kuznetsky Most Development CJSC (KMD), and 2% belong to an individual. “The buyer was the KMD company, but, according to our information, the transaction was made in the interests of a large Western investor,” Inteko representative Gennady Terebkov told Vedomosti yesterday.

The company that bought the Inteko land at a good price is associated by participants in the construction market and officials with the Bank of Moscow. According to SPARK, the founders of the KMD are Enterprise Sibneftegaz (99%) and PA Montazh (1%, the final beneficiary is the Bank of Moscow). And 20% of Sibneftegaz belongs to CJSC Financial Assistant, whose co-owners are the Bank of Moscow and six companies, four of which have an ultimate beneficiary that is also the Bank of Moscow. However, KMD President Boris Shemyakin denies any connection between his company and a bank close to the capital government. “Neither KMD CJSC nor any of the companies participating in the project are associated with the Bank of Moscow, and Sibneftegaz is not a co-owner of KMD,” states Shemyakin. “Bank of Moscow is not affiliated with KMD and Premier Estate.” We do not comment on other information due to bank secrecy,” bank representative Natalya Dokuchaeva told Vedomosti.

The purchase of land from Baturina’s company was paid for using a loan from the Bank of Moscow, according to an official of the Moscow mayor’s office. Shemyakin did not comment on this information.

KMD announced itself in 2006 by presenting a project for the construction of the River Mall shopping and office complex (220,000 sq. m.) on the territory of ZiL. Until this moment, market participants had not heard of such a company, although, as KMD representatives stated, its total portfolio of projects is about 1 million square meters. m. This company, in accordance with the order of the Moscow government, built a multifunctional complex for the Bank of Moscow on Stroginsky Boulevard and planned to develop the territory of the Hammer and Sickle plant, of which the Bank of Moscow is a shareholder. The Bank of Moscow is the main lender to KMD projects. Today, among them are an office and hotel complex in Olimpiysky Proezd, a complex on Dubininskaya Street, and several residential buildings in the center of Moscow.

According to Shemyakin, KMD performs the functions of a fee developer in the Ramenskaya project on behalf of the owner, whom he does not want to name. “The transaction to purchase this site was carried out by KMD CJSC as part of the execution of the investor’s instructions. We do not have permission to disclose the investor to the media,” he says. Premier Estate CJSC was created specifically for this transaction and the shares of this company have already been sold to the final investor, says the president of KMD.

The customer and coordinator of the development of the territory in Ramenskoye is the state enterprise Moszemsintez, recently created by the Moscow government to purchase assets from investors in difficult situations. Inteko itself was going to build on this site not far from the station. m. “Yugo-Zapadnaya” 600,000 sq. m of business class housing.

Inteko transactions

In 2005, Inteko sold all its cement plants for $800 million, and House-Building Plant No. 3 for $300 million. In both cases, experts believed that the buyers overpaid.