Rus News Journal

“ the Partner - Invest “ searches successively on cheap money

Yesterday for the Tyumen Open Company “ the Partner - Invest “ has informed that carries on negotiations for start is export - the import scheme of financing of building of the objects. The developer plans to give successively on building of the foreign company, having obtained in exchange the credit of foreign bank under more attractive rates. Participants of the market doubt that the similar scheme will be extended - cost of services of foreign contractors blocks all benefit from the low rate.
as has told „“ the chief of service of external financing “ the Partner - Investa “ the Belief the Vasilevsky, new scheme of loan is the connected credit: the developer employs the foreign contractor, obtaining in exchange the credit from country bank where the contract organisation is registered. According to the madam Vasilevsky, from the Russian side as the partner in a bank line acts “ Foreign trade and investment bank “ Through which financing will be conducted. “ we plan to finance the first object, which building under this scheme, becomes hotel - office centre in Tyumen a total area of 66 thousand sq. metres. It will be two towers in height of 75 and 100 metres, in one of which there will be four-star hotel Radisson, in another - office areas. Total amount of investments into the project - $100 million, a prospective termination date of building - 2012 “ - the madam Vasilevsky has told.

As she said, now there are negotiations with several foreign contractors, in which number Czech PCJ and Austrian Strabag. “ As soon as the turnkey contract will be signed, we hope to receive the demand line of credit from foreign banks, the credit sum will make an order of 85 % from cost podrjada “ - have explained in “ the Partner - Investe “. According to Belief Vasilevsky, such scheme has been chosen because the foreign banks working under the scheme is export - import replacement, receive guarantees of the state and offer lower credit rates. “ now we discuss the rate of 11 % annual in currency whereas if to take the same credit in the Russian bank the rate will be an order 16 - 17 % “ - the madam Vasilevsky has specified. As she said, the parity of the offered interest rate under the credit and cost of works of the contractor becomes the main criteria of selection of the contractor.

general director Strabag in Russia Alexander Ortenberg has confirmed yesterday the fact of negotiations with the Tyumen company, having added that the company has already received the contract on consultation and initial study of the project. “ while at the investor the question is not solved with financing definitively. From its part we help to receive financing in the Austrian control bank. If the contract consists with the Austrian contractor this bank can provide 30 - 50 % of cost of the contract contract “ - mister Ortenberg has noted. Thus he has specified that Strabag does not incur any risks under the credit. To Contact Czech PCJ yesterday it was not possible.

Open Company “ the Partner - Invest “ it is created in 2004, is a part of holding “ the Partner “ which unites Open Company “ the Management company “Partner“ “ DZAO the Building company “ the Partner “ Joint-Stock Company “ Industrial complex of building materials “ Joint-Stock Company “ joint venture “Cedar“ “ a network of hypermarkets “ Southern “ Open Company “ the Partner - a market “ a network of food shops “ the Bee “ Open Company “ the Partner - nerud “. - a class the house-keeper specialises in Tyumen on building of habitation. The owner of holding “ the Partner “ The top - company management is, in particular to general director Gennady Raznitsynu belongs about 50 % of group. Following the results of the first half of the year 2009 the gain has made 845 million roubles.

Participants of the developer market say that the similar scheme hardly will be widely adopted, as cost of services of foreign contractors compensates the received benefit from the lowered rate under the credit. “ a difference between the prices of our contractors and European almost double, and economy on percent - no more than 5 %. Besides, with constantly changing exchange rate credit cost also can be above, than is planned “ - the founder of the Ekaterinburg developer company " marks; Malysheva 73 “ Igor Zavodovsky. The chairman of board of directors agrees With it " also; Aston Groups “ Vyacheslav Trapeznikov who specifies that the similar scheme will not work also from - for positions of foreign banks which have sharply reduced limits on crediting of buildings in Russia. “ such scheme was popular before crisis when in banks was enough liquidity. For example, with use of such financing hotel Hayatt in Ekaterinburg has been constructed. Rates were really attractive - 7 - 8 % against 12 - 14 % annual at the Russian banks, but now all European banks have essentially reduced financing of the Russian developer projects. So, from - that credit programs with BSGV have ended, the termination of the work in regions Russian Federations declared French Bouygues, Austrian Strabag also has left regions, without having received new contracts after refusal of Rajffajzenbanka to finance its contracts “ - mister Trapeznikov has told. Besides, the expert adds, the market of contract works in Russia yet does not look attractive for foreigners - the volume of orders has fallen in 10 times.