The Federal Antimonopoly Service (FAS) approved the petitions of five companies to acquire the developer Inteko, which was founded in 1991 by Elena Baturina, the widow of the former Moscow Mayor Yuri Luzhkov. The sale of the developer will take place during an open auction, Bank Trust reported earlier.
As follows from the message of the antimonopoly regulator, the application for the acquisition of the developer was submitted by Samolet Int 1 (structure of the Samolet group), Specialized Developer Second, Sminex Asset Management (structures of the developer Sminex), Logos and Arief “.
“FAS Russia considered the applications and made a decision on their satisfaction. According to the department, the deal will not lead to restriction of competition in the construction market of residential and non-residential real estate in Moscow, ”the regulator said in a statement.
On September 16, Trust announced that it had put Inteko up for sale through an open auction. The initial price of the asset will be RUB 37.4 billion. This value includes 100% of shares of JSC Inteko (estimated at 29.6 billion rubles) and the rights of claims of Trust against the developer in the amount of 7.8 billion rubles. The sale will take place in the form of an open electronic auction for price increases on the site of the Auction House of the Russian Federation. Applications for the auction are accepted from September 16 to November 10, the “Trust” noted.
During its existence, Inteko has built more than 5 million square meters. m of housing, according to the company’s website. After Luzhkov’s resignation from the post of mayor of Moscow, Baturina sold Inteko to the structures of Mikail Shishkhanov, the former co-owner of the sanitized Binbank. Due to difficulties with B&N Bank, control over the developer passed to Trust in 2018.
The Trust then noted that Inteko’s portfolio includes “landmark projects” of residential real estate in the business and premium segment. During the management of the company by the bank, all Inteko assets underwent a complete restructuring and rehabilitation, assured in Trust. Among the projects of Inteko – a residential complex on the street. Sergei Makeev on Presnya and “Vrubel, 4” on Sokol, an apartment complex on the site of the Warm shopping arcade on Ilyinka, and so on.
The company’s revenue for 2020 decreased by 12.4% compared to 2019 – to 26.9 billion rubles, net profit decreased by 53% – to 4.6 billion rubles, according to the financial statements. EBITDA exceeded RUB 9 billion, EBITDA margin was 34%. The total amount of loans and borrowings of the company in 2020 increased to 30.6 billion rubles.
At the end of August, the Kommersant newspaper reported that Samolet Group of Companies was negotiating with Trust to purchase Inteko. According to analysts interviewed by the publication, Inteko’s business may be worth 30-40 billion rubles.
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