It was assumed that the office project should be of the “built to suit” type - for the needs and requirements of the client, but with an obligation to conclude a lease agreement for 10 years in advance. Tinkov himself wanted the signing of an agreement with a partner at the SPIEF-2019 in June, says the Forbes interlocutor, who is familiar with the course of the transaction. Then the partners shook hands already in the presence of journalists. Oleg Tinkov joked: “Now I’m not going anywhere from you,” Pisarev recalls.
Almost two months later, Wainbridge prepared the documents for the deal on August 6th. But the day before, Pisarev called the Tinkoff Bank’s management Oliver Hughes and said that the bank was not ready to give guarantees for the developer to receive financing for the construction. It was these guarantees that were the key condition for the deal, which eventually fell through for the third time.
“It just didn't work out”
“It just didn’t work out,” Oliver Hughes succinctly explained the reason for the failure of the agreements during the telephone conference. “We announced the deal once and left it once,” the bank’s press service said in response to a Forbes question about why TCS Group’s relocation agreement was broken for the third time. Two Forbes interlocutors related to the deal said it really broke down three times. And one of them added that TCS Group several times changed its status as a partner - from owner to tenant.
“Unfortunately, this deal has not gone further. We are now looking for other options - all realtors are aware of this and are bombing us with different offers, so we have options. In the coming months, we can decide on a new home for Tinkoff, ”said Hughes. The group does not have a strict deadline, but there is a desire to enter the new building by 2022, the head of the bank said.
Risks to Parties
The deal between Wainbridge and TCS Group could be the largest in the real estate market in modern history, notes Tsyrenov from PwC. A break with TCS Group may delay the implementation of the office part of the project, since it will be difficult to find a tenant on such large areas, he said.
The location of the "Water Area" is not the easiest in terms of using the building as an office - now there are more competitive offers in the area of the Third Transport Ring and next to the metro, adds Stanislav Bibik.
“On the other hand, a project can be attractive in price or have a unique infrastructure. It could be used as an apartment, and this would most likely be more profitable than office space, ”he said. In turn, Pisarev has no doubt that he will be able to find another partner - this year the company refused to cooperate with several large customers and is now going to restore this relationship. “But we spent a lot of time,” he laments.
As for the TCS Group, it will also be quite difficult for him to find a new partner for the office - this is an IT company and it needs certain energy capacities that not every office can provide, Tsyrenov says.