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Friday, October 21, 2016

Substitution in the “Morton”

20 Sep media, followed by press-service of the company reported the largest recent deal in real estate: Sergey Gordeev, co-owner of PIK and other building assets, bought 100% of the largest developer in the capital region — the company “Morton”. The new owner plans to develop the business and build more, and journalists and experts talk about the prospects of the company and updated on the housing market.

Alexander Brooks.

Morton will continue to develop independently, to merge the company with a “PEAK” is not planned. “Morton’s” strong financial performance and a balanced debt load, and I appreciate the growth prospects of this business” — said Sergey Gordeev “Vedomosti”. And although neither nor Gordeev Alexander Brooks — the former owner of “Morton” — did not name the price for which “left” the company, the newspaper mentions that only the active portfolio of the developer, according to some opinions, is more than 370 billion rubles. Estimated value of the company at 165 billion rubles (data of the newspaper “Kommersant”), with 24 billion of credit load.

“Morton” today is the third largest construction company in Russia and the largest in the Metropolitan area. Build mainly residential communities with all infrastructure in Moscow and Moscow suburbs. In accordance with the company’s plans “to deal” was planned for five to seven years to construct approximately 5.3 million square metres of housing. Area commercial property management — about 200 thousand sq. m.

Sergey Gordeev.

Sergey Gordeev known as businessman at the time, created or owned by a number of companies associated with real estate. Perhaps the most “experienced” investor and entrepreneur in this field in Russia. Today he is a shareholder of “Peak”, another heavyweight of the developer. Why would he buy “Morton”, and even — according to the newspaper “Kommersant” on their money without using debt? The press service of the developer cites the statement by the new owner: “For me, it’s more than a strategic investment — I am confident that housing construction will set the direction for the entire post-crisis development of the Russian economy and will become a powerful driver of positive change in people’s lives. The company “Morton” is the industry leader who is able to lead this work on a national scale”.

By the way, along with the company Sergey Gordeev went to new house-building factory “Morton” — “DSK “Grad”, and the land Bank of the company. Its area, the newspaper “Kommersant” called is about 1 thousand hectares.

However, in addition to strategic, can be seen and tactical objectives. RBC predicts that this year the sales volume of “Morton’s” is expected to increase significantly. If at the end of 2015 it amounted to 59.2 billion rubles, in 2016, should amount to 71 billion. From January to early September, has reached revenue of 45.3 billion rubles, and this is by 30.5% more than last year.

Expert opinions about the impact of the purchase housing market is divided. So, according to Prof. Ilya Nikolaev (his opinion leads REGNUM), the conclusion of the transaction indicates serious optimism and the expectation of growth: it is possible to predict the emergence of new projects in the field of economy-class under the brand name of the acquired company. “Vedomosti”, by contrast, result the managing partner of “Metrium groups” Maria Litinetsky. She believes that many developers of the Moscow region, unlike the colleagues from Moscow, suffer from high competition and, as a result, price wars.

Also of interest is the fate of the proceeds from the sale of “Morton”. Alexander Brooks, he said, plans for a while to stay in the company until the conclusion of the “transition period”. And then to focus on high-tech and innovative areas of business in which Morton was doing before, but which were not included in the deal. So, according to RBC, we are talking about company “Galen”, which produces high-tech materials, and new transport technologies, in particular, DLR. Moreover, the mentioned construction of the Technopark MIPT with the IT-cluster area of approximately 400 thousand sq. m. Vedomosti quoted Ruchyev, even more widening this “innovative” sector: “I plan to rest for a few months, after which will take Russian technological projects with the potential to enter the markets of Asian countries such as India.” Worthy of attention looks and the information appearing in the media that Brooks is planning a startup, not only in innovation but also in the political sphere. From this point of view, the sale of the largest commercial asset is more than logical.


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