Owner O1 Group Boris Mintz with his family went to London

His O1 Properties is likely to be taken by a company that is associated with GC Region and Rosneft.
28.05.2018
Vedomosti
Origin source
Boris Mintz and all three of his sons went to London. Two sources close to the Central Bank, a federal official and a man who knows about this from a close acquaintance of the shareholder O1 Group, told this to Vedomosti. "The situation is tense, it's calmer to leave," one of the interlocutors explains. According to him, both the senior and younger Mintses left the country with their families.

Representatives of O1 Group and its minority partner on O1 Properties - the group "East" declined to comment. Contact with Boris Mints and his sons "Vedomosti" failed.

In this case, the main asset of Mintz - O1 Properties can be obtained by the Cyprus Riverstretch Trading & Investments (RT & I). This was told to Vedomosti by one of the creditors of the latter, its two partners and a source close to its shareholders. According to them, the negotiations are on, the deal can be closed in the period from two weeks to several months.

The owner of offices

O1 Properties is one of the largest owners of Moscow Class A offices: it owns 15 business centers with a total area of ​​743,000 sq. M. m. But the transaction, according to the interlocutors of "Vedomosti", will not include two objects. They are not 100% owned by O1 Properties, besides, the company is rebuilding them into housing. We are talking about complexes "Aurora business park" near Paveletsky railway station and "Bolshevik" on Leningradsky prospect. Boris Mints holds 71% of O1 Properties, the rest from East group (12.8%), Goldman Sachs (4.3%) and co-owners of developer Forum Properties - Andrei Barinsky and Vladimir Zubrilin (11.2% for two) .

O1 Properties' offices bring stable cash flow, says ILM managing partner Andrei Lukashev. The sale is due to the fact that the company and its owners could not agree with a number of banks on the restructuring of loans.

Associated with the company's O1 Group Mints (for example, Prime Finance and O1 Group Finance) themselves defaulted on bonds.

The amount of the transaction between O1 Group and RT & I is not known. The company reports that the market value of O1 Properties portfolio at the end of 2017 was $ 4.23 billion, and the cost of equity less loans is $ 867.4 million. It turns out that the share of O1 Group can cost about $ 616 million. Close to one from creditors O1 Properties the person and partner of the company claim that the share in O1 Properties will transfer to the new owner for debts.

O1 Group owed 25 billion rubles to the Moscow Credit Bank. This debt was transferred by the bank to its main shareholder, the concern Rossium, its owner Roman Avdeev said in an interview to Kommersant in March. Rossium also hired RT & I to work on structuring a deal to return the funds, a Rossium representative told Vedomosti.

It means that the debt will or has already been assigned to RT & I, specified by two partners O1 Properties. The pledge for this loan is 62.5% of O1 Properties and 75% plus one share of another asset of Mints - FG "Future", which unites non-state pension funds (NPF) "Future", "Education", "Telecom-Union".

Who is behind RT & I is not exactly known. According to the Cyprus registry, its owner is OOO Biznestrast, which Pavel Vashchenko owns through Finesteit LLC. Until July 2016 the beneficiary of Biznestrast was the structure of the Region group, which, among other things, manages the pension money of Rosneft. Earlier, market participants said that RT & I operates in the interests of the oil company. Rosneft itself has never confirmed its connection with it.

RT & I managed to light up in a conflict with the founder of the Don-system, Maxim Blazhko. The company repurchased from Sberbank the debts of a businessman by about $ 600 million, the pledges for which were the Nordstar Tower business center on Begovaya and the shopping and entertainment center "Pike" on Shchukinskaya. First deputy chairman of the board of Sberbank Maxim Poletaev then said that the loans were bought by Rosneft. At the end of 2017 the dispute between Blazhko and RT & I was settled: the latter received the assets of the founder of Don-system.

Who will get APF

Mintz was looking for buyers and NPF, wrote "Kommersant" and Reuters, citing sources. Sberbank was looking to the Future, and even conducted due diligence, but in the end, the deal refused - it was not satisfied with the quality of the fund's assets, wrote Kommersant and confirmed to Vedomosti one of Mints's creditors. The funds had problems with the quality of assets and, judging by the losses of FG "Future" in the last year, the situation did not change and even became more serious in connection with the reorganization of FC "Otkrytie", said Pavel Mitrofanov, Managing Director for Corporate Ratings "Expert RA" . New investors will have to replace the assets of the APF, and it is obvious that nobody wants to do this by paying money for the funds, Mitrofanov sums up. It is not excluded that the new shareholder will not be able to find pension funds of Mints, a federal official told Vedomosti, and the funds require additional financing. But the law on the rehabilitation of pension funds is not ready, he noted.

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