Investing state capitalists: the most expensive apartment in Moscow, business jets, and other non-core assets

A former top manager of Rostec is now co-owner of "VSMPO-Avisma" and the largest manufacturer of medicinal substances.
The most expensive of the exposed apartments for sale in Moscow is a three-story mansion with an area of 3175 sq. M. M under the name Villa Arbat in Krivoarbatsky Lane. The owner asks for it 4.19 billion rubles. (About $ 74 million), the consulting company Blackwood reported last week. Square meter in the villa is 30% more expensive than the average elite real estate in the capital, it was specified in the message. The building is much more expensive than other mansions offered for sale in the open. The apartment house of State Councilor Paul Shelaputin - a five-story mansion in 1907 in Ilyinka, which, according to the Savills agency, occupies the second place in value, was put up for sale for $ 55 million (see photo and cut).

"The project of the famous French architect Dominique Ertenberg, executed in the style of neoclassicism, Villa Arbat appears before us restrained, strict and at the same time luxurious, elegant and harmonious. The architectural decoration of the mansion returns us in the era of sophistication, tranquility and splendor of Louis XVI ", - praises Blackwood mansion. The facade part of the building is decorated with a 14-meter rotunda with a balcony, a beautiful fountain is arranged in the patio courtyard, the interiors are decorated with rich stucco molding, gilding and marble. A magnificent mansion that meets all the needs of a respectable family, the authors of the announcement conclude.

Vedomosti learned that a spectacular real estate through a chain of structures belongs to the company of 49-year-old Mikhail Shelkov, co-owner of the world's largest titanium producer VSMPO-Avisma and long-time familiar director general of Rostek, Sergei Chemezov (data from SPARK and other registries - Cut). The mansion was rebuilt quite recently. The ownership of the house was formalized on March 6, 2017, and it was almost immediately put up for sale. Shelkov is also the majority owner of Blackwood, which sells the mansion.

For Shelkova, real estate is a part of the investment business, Villa Arbat is a development project originally intended for sale, the representative of Shelkov said. "Mikhail Evgenievich realized this investment contract from scratch, came up with the idea of building a classic mansion and controlled all stages of the implementation from the design and development of the architectural project to construction and commissioning," he adds.

But the interests of Shelkov are not limited to metallurgy and development. He owned a stake in the largest pharmaceutical distributor Irvine-2 and other pharmaceutical companies, as well as in the business aviation development project, which Shelkov began with the structures of Vnukovo beneficiaries Vitaly Vantsev and Vladimir Scotch.

A man from the orbit of Rosteha

Shelkov was born in 1968, graduated from the Moscow Institute of Physics and Technology, worked in the banks of the RRDB and Eurosibbank (they no longer exist), and then moved to the structure "Oboronimpex" created by Rosoboronexport and VEB. Established in 2001, the organization was engaged in settlements in currencies, which third world countries paid for the supply of Russian weapons.

"I got into the structures of Rosoboronexport thanks to Sergei Viktorovich [Chemezov]. I worked in a bank, and we somehow once discussed how to structure the work with soft currencies. No one to lead this direction, was not found, and I began to do this - as I thought then, temporarily. Then this "was temporarily" delayed, "- said Shelkov in an interview with" Vedomosti "in 2008.

In 2007, Rosoboronexport became a state corporation of Russian Technologies (now Rostek). And in 2008, "Oboronimpeks" was renamed into "Prominvest". He was considered an investment division of the state corporation. It was Shelkov who headed this structure, and another top manager of the structures of the state corporation, now the general director of VSMPO-Avisma Mikhail Voevodin, in 2006-2009. Bought out for Rostech 66% of the shares of the producer of titanium from Vyacheslav Bresht, Vladislav Tetyukhin and Viktor Vekselberg. Transactions were made for VTB loans ($ 294 million) and Sberbank ($ 495 million).

But Rostek did not hold shares in the titanium producer for a long time. In 2012, it was announced that the share of the state corporation would be sold to a pool of managers headed by Silkov and Vojvodin. By 2014 the deal was completely closed. Top managers first bought Rostelekh's stake in a partnership with Gazprombank for $ 970 million (this taking into account old debts), and then bought out 15.27% from Gazprombank. At "Rosteha" managers bought shares at a price 20% higher than the market, says the representative of Shelkov, it was a prize for control. The premium to the market price was received upon the withdrawal of Gazprombank. Shelkova's structures became the largest co-owners of the titanium producer, said his representative, without giving an exact share.

Rostec left behind its structures a blocking stake in the company. Chemezov - permanent chairman of the board of directors of VSMPO-Avisma, and Shelkov - his deputy.

Now the co-owners of VSMPO-Avisma have to extinguish debts created as a result of transactions. This is the main part of the company's dividends. In 2012-2015 years. Management could receive about 15.22 billion rubles. Dividends. At the end of last week the board of directors of VSMPO-Avisma recommended paying almost 15 billion rubles. Dividends for 2016 - 2.8 times more than in the previous year. Of this amount, management can count on 9.9 billion rubles.

All loans are re-credited to Sberbank, serviced and repaid in accordance with the schedule, says the representative of Shelkov. The representative of the Savings Bank refused to comment, the representative of Gazprombank did not respond to the request of Vedomosti.

House with a history

Development Shelkov was engaged in the structures of "Rosteha". In 2008, under his leadership, Oboronimpex bought a 6% stake in a large infrastructure contractor, Mosinzhstroy. This, as then said Shelkov, was supposed to start the formation of a large developer company in the structure of the state corporation. Sam Shelkov was going along with the "SMP Bank" Arkady Rothenberg and the Criminal Code "Development" to deal with the sale of developers' debts, but it did not go well. "Rostech" the idea of creating a development company because of the crisis postponed. But Shelkov, who left the post of general director of Prominvest in 2010, did not refuse to develop. Soon he became the owner of the project for the construction of the villa.

The building, now Villa Arbat, changed its purpose several times. Since the early 1990s. It housed one of the premises of the Institute of Arts of the Russian International Center for the Creative Rehabilitation of Disabled People (RMTCRI). By the 850th anniversary of Moscow, the Moscow authorities decided to restore old buildings, build a theater and concert complex on the site of the outbuildings and lease them for creative rehabilitation of disabled people. Four years later it turned out that rehabilitation could be done away from Arbat: the Moscow government allowed CJSC "Corporate development of unconventional technologies in the regions" to build a multi-apartment building on the site of the building in Krivoarbatsky Lane, and the theater center and a hostel for students with disabilities in another section RMTC, near the Kiev station. The investor could not cope with the task. In 2004, its place was taken by the company Inteko Elena Baturina, the wife of the then Moscow Mayor Yuri Luzhkov. But the construction was delayed: Inteko by 2010 built only a hostel and a theater center. In August of the same year, Dmitry Medvedev, then president, sent Luzhkov to resign, and Baturina began selling assets. Among others, the "Dominus", which owned the rights to the investment project, was sold. I bought his structure of Shelkov - Blackwood International.

Blackwood co-owner Shelkov became two years earlier. He bought two-thirds of the company from its co-owners - Mikhail and Nikolai Belyakov. The remaining third was at the general director of Blackwood Konstantin Kovalev. The company in the crisis was without funds for development, while it needed to complete its only development project - the business district Neopolis in Rumiantsevo. Shelkova had free funds, and the company hoped with his help to enter new markets, actively engage in development, recalls one of the familiar businessman. According to him, although Neopolis was completed, the areas in it were sold and surrendered slowly, the crisis only worsened, the partners diverged their views on the development of the consulting company, Kovalyov moved away from the management. "Shelkov wanted to buy a consulting company" at the bottom, "it was hoped that the real estate market would recover quickly, but only get worse, so that Napoleon's development plans could not be implemented, another VSMPO-Avisma shareholder explained. "How many mansions in Rublyovka now cost $ 100 million before the crisis, and now they can not be sold for $ 10 million! So in this area you can invest very carefully, in unique projects ", - the interlocutor of" Vedomosti "considers.

Pharmacist and aviator

Blackwood International, whose beneficiary is Shelkov, now owns wholesale pharmaceutical companies "Farmopolis" and "Pharmintelekt". Although the name of the first of them coincides with the name of the pharmaceutical holding company Rostek was going to do at that time in the Volokolamsky district of the Moscow region, it has nothing to do with the state corporation, emphasizes the representative of Shelkov. "Farmopolis" in 2010 became the owner of 63% of the pharmaceutical company "Bion", engaged in the production of substances for medicines from domestic raw materials. Now it is the market leader in its field with a share of 25%. Nearest competitor - Belgorod Polisintez - 18%. True, most of the substances are produced in Russia from imported raw materials.

In 2010, the structure of Shelkov acquired 24% in the holding "Farmako", which included one of the largest pharmaceutical distributors Irvin-2. Other large shareholders were the Rostechnovsky "Prominvest" and the founder of the company Vladimir Babiy. Simultaneously with Shelkov, Maya Bolotova, the daughter of Chemezov, the president of Transneft, Nikolay Tokarev, received the same share in Pharmeko. However, just a year later, all the shares in the holding were collected by a Cypriot offshore company.

Shelkova associated with Tokarev another project. Its Blackwood in 2012 indirectly owned a 16% stake in Purpetraboprovodstroy (PTPS, one of the largest construction companies in the Yamalo-Nenets Autonomous District). Another co-owner of PTPS was Rostekhovskiy "Prominvest". The PTPS then participated in the construction of the northernmost Russian oil pipeline, the Polar region - Purpe - Samotlor, commissioned by Transneft. In 2012, the company began work on the Zapolyarye-Purpe site, and also began work on the reconstruction of the main oil pipeline Kholmogory-Western Surgut. A few years later, the structures of Shelkov from PTPS came out.

"In the sphere of investment, buying with the subsequent sale of an asset is the standard form of doing business. The package "Farmako", as well as the package "Purpetraboprovodstroya", was sold on the basis of economic feasibility, "- said the representative of Shelkov.

The crisis prevented another Shelkov project - in business aviation. In 2007, the company PTF "Baltic", the ultimate beneficiary of which was Shelkov, acquired 35% in LLC "Business Jet-Invest". Another large co-owner of the company was the ANC Trading House, connected with the beneficiaries of the Vnukovo airport and the Vnukovo-3 business aviation terminal Vancev and Skochem. PTF "Baltic" liquidated, Shelkov in "Business Jet Investment" is no longer involved, says his representative.

"Business jet-invest" was created as a business aviation company, which in Russia is probably more than two dozen, but the crisis prevented the launch of the project, "says the acquaintance of Shelkov.

However, a pair of aircraft from the structures of Shelkova remained. In Vnukovo-3 there is a small Orion-X airline, whose fleet consists of three leasing business jets: Boeing 737-700 (2008 of release) and two Embraer ERJ-135BJ Legacy 600 (2008 and 2010). The company, which these aircraft were recorded in 2013, - registered on the Caribbean island of Aruba Orex Aviation - belonged to the structure of Shelkov. Now the company has only two Embraer, says the representative of Shelkov. As the company broke up with Boeing, he does not comment.

Aruba is a convenient place for aircraft registration: on the one hand, there are low taxes and high standards of aviation security, on the other - guarantees of confidentiality for company owners, it is also important that the agreement between Russia and Aruba allows such aircraft to fly in our country, explains the head Agency BizavNews Dmitry Petrochenko. For business aviation, where the number of take-offs and landings is significantly less than in line aviation, Orex has very fresh airplanes, he notes.

Used Legacy 600 can cost about $ 11-13 million and, if desired, they are easy to implement in 6-8 weeks - these aircraft are in good demand, Petrochenko estimates. With Boeing, he said, the situation is different: it is a fully customized aircraft, it can afford large corporations, heads of state or the wealthiest people. Apparently, Orex had a business jet with a minimum capacity of up to 19 people. The price of such an aircraft, in addition to its technical condition, depends very much on the interior filling, but on average it is about $ 30 million, Petrochenko says.

Is there any connection with Rostech?

Shelkov and now can act in the interests of "Rosteha" in other projects, one of Vedomosti's interlocutors suggests. "Rumors are different, but personally I have not seen any evidence of them," protests the man who worked with Shelkov.

For all the time, Shelkov made only one deal with Rostech - he bought out a stake in VSMPO-Avisma, says his representative. "Mikhail is a very decent person, talented," says one of Shelkov's partners. "He's cautious and thoughtful in business, although he likes to take risks." For example, Shelkov plays on the stock exchange, but it's more for the soul, Vedomosti interlocutor continues. "All businessmen depend on someone - from partners, authorities, but Mikhail disposes of his capital at his own risk and risk, in this respect he is independent," continues one of Shelkov's partners. "Although he is with Chemezov, he is certainly on friendly terms."

Rumors of a connection with Rostech are not relevant to reality, the representative of Shelkov asserts. Shelkov is a long-time partner of the state corporation for the development of VSMPO-Avisma, but in personal projects in the interests of Rostekh or its top managers is not working, the representative of Rosteha agrees. The state corporation and its structures do not use airplanes of the businessman, he added.