Boris Mintz buys out minority stakes in O1 Properties

О1 Group Boris Mints will become the sole owner of O1 Properties.
О1 Group Boris Mints will become the sole owner of O1 Properties. She buys out minority stakes of the latter - East group Alexander Nesis and owners of Forum Properties developer Andrey Barinsky and Vladimir Zubrilin, told the acquaintance of Mints, partner of O1 Properties and two people close to its shareholders.

O1 Properties - one of the largest owners of Moscow Class A offices: 15 business centers with a total area of ​​743,000 sq. M. m, among which "White Square" next to the station. m "Belorusskaya" and Vivaldi Plaz near the station. m. "Paveletskaya". At the end of 2017, O1 Group owned 71% of O1 Properties, 12.8% - to East Group, 11.2% - to Barinsky and Zubrilin, 4.3% to Goldman Sachs.

In early June, O1 Properties reported that the share of Goldman Sachs was repurchased by O1 Group. Now other minority shareholders also come out of the capital. Group "East" in payment of its share will be transferred to the business center "Zarechye" (15 517 sq. M.) In the Old Tolmachevsky side street, the interlocutors of Vedomosti say. The representative of the group "East" confirmed this information. With Forum Properties owners, according to two people close to minority shareholders of O1 Properties, Mints's structure will also be paid off by assets: they will receive the Aurora Business Park complex (about 100,000 sq. M.) From Paveletsky railway station. O1 Properties has never recognized that owns the Aurora, - claimed that it only manages it. Four consultants working with the complex say that this object was paid for the purchase of O1 Properties by Barinsky and Zubrilin at the end of 2015. And it is O1 Properties that is building the A-Residence apartment complex (25,000 sq. M.) As the third stage of the Aurora.

 The representative of Forum Properties did not respond to Vedomosti's request. A representative of O1 Group said that the company does not comment on market rumors and the composition of its investors, all changes will be disclosed in due course. Whether minority shareholders could recoup the cost of buying shares of O1 Properties, it was not possible to find out.

The package of the group "East" at the time of the transaction in 2014 was estimated at $ 247 million, the company could receive a certain discount on these shares, then the consultants told. Their valuation of this package at that time is $ 170-200 million. The market value of the Zarechye complex today is $ 100-110 million, and even if the long-term lease agreement is maintained, Sayan Tsyrenov, the director of real estate transactions management at PwC, has calculated. The object is rented by the group "East" itself. The difference in price, most likely, will be reimbursed by money, two people who are close to minority shareholders O1 Properties know.

A more advantageous situation is for owners of Forum Properties. At the time of the deal with them, at the end of 2015 the value of their package was estimated at about $ 160 million, and the business center Aurora at $ 250 million. Colliers International Partner Stanislav Bibik believes that today Aurora costs $ 320-330 million.

The deal with minority shareholders O1 Properties is needed by O1 Group to settle the relationship with one of the creditors, says one of Mints's acquaintances. The group owed about 25 billion rubles. Moscow Credit Bank, the loan was first assigned to the shareholder of the bank - the concern "Rossium" Roman Avdeev. The latter, in turn, hired Riverstretch Trading & Investments (RT & I) to structure the return of funds. It is this company that will get control over the assets of O1 Properties, one of the creditors of O1 Properties and two of its partners told at the end of May. According to them, the deal can be closed when the parties manage to negotiate with holders of bonded loans O1 Properties for $ 350 million: under the terms of the issue, when the controlling shareholder changes, they can demand early repayment of the debt. Negotiations should begin this week, said a man close to one of the bondholders, and a friend of Mints. The businessman and his family are now in London. In the case of O1 Group, the Investigative Committee of Russia conducts a pre-investigation check on the application of the pre-rule of the FC "Otkrytie" Mikhail Zadornov, the acquaintances of Mints and Zadornov said.

Who is behind RT & I is not exactly known. Market participants said that it operates in the interests of Rosneft and the Region group. The structures of the latter until July 2016 were its beneficiary. RT & I has no relation to the "Region", the representative of the company said in May. Rosneft did not confirm the connection with RT & I. RT & I participated in the conflict with the founder of the Don-system, Maxim Blazhko - bought from Sberbank its debts by about $ 600 million, and the collateral was the business center of Nordstar Tower in Begovaya and the shopping and entertainment center "Pike" on Shchukinskaya. The first deputy chairman of the board of Sberbank Maxim Poletaev said that the loans were bought by Rosneft. At the end of 2017 the assets of Blazhko departed RT & I.

"Discovery" obeyed the English court

The representative of the bank "FC Otkrytie" announced in the Moscow Arbitration Court a petition for a partial waiver of the claim against the structures of the O1 Group, the agency "Prime" informed. The "opening" disputed part of the transactions with Mints structures, in particular, the purchase by the bank of bonds of O1 Group Finance, early termination of loan agreements and repayment of loans by O1 Group. At the bank's request, the court seized the shares of O1 Properties and the Nevis business center on ul. Shchepkina. In early June, the High Court of England and Wales ordered the "Discovery" to stop legal proceedings against O1 Group structures and not start new ones due to the fact that agreements on certain transactions between the parties involved the settlement of all disputes in international arbitration.