Restaurant for Kostin: Telman Ismailov lost "Prague"

As it became known to Forbes, VTB obtained ownership of restaurant "Prague" and a business center "Tropicana", which belonged to the former owner of the Cherkizovsky market.
11.12.2015
Forbes
Origin source
VTB Group (President - Chairman of the Board Andrei Kostin) received in the property put up for sale and assets of AST Telman Ismailov - the famous restaurant "Prague" and a business center "Tropicano" Forbes told three sources in the real estate market. This property, as well as a complex of buildings in East Izmailovo, was laid on the loan in the Bank of Moscow (part of VTB Group).

In 2012, Ismailov surety to the bank for loans to their own companies. Those did not return the money, and struck up a lawsuit. A year ago, the company passed Ismailov sons Alekperov and Sarhan and nephew Zaur Mardanov, which could save him from his creditors. But the plan did not work, and the bank took the property from the debtor and put for sale. In October, VTB Group has filed a lawsuit on the recognition of bankrupt Ismailova. December 9, it became known that the owner and he appealed to the court to initiate bankruptcy procedure of physical persons.

VTB declined to comment. Contact Ismailov yesterday failed.

The building of the "Prague" restaurant on the Arbat was built in the XVII century and many times Pereztraivalos. It was used as an inn for a closed cab and a dining room for the NKVD, but eventually it became an elite institution catering. In the 1990s, Moscow Mayor Yuri Luzhkov has sold the building and non-residential premises of about 10,000 square meters. m of the property complex of the capital for $ 30.5 million to companies related to Ismailov, it is also the headquarters of the ACT.

Before the buyer "Prague" is required to raise the question of how to make money on the building.

"Ismayilov made a serious internal restructuring and the building is quite difficult to use for its intended purpose. Restaurant operator is not pulled. We used to be offered one of the potential investors to convert the building into a multifunctional complex and accommodations that would allow at least begin to generate cash flow, "- says the former director of development Kalinka Group, and is now an independent consultant Alexei Sidorov. He estimates the cost per square meter in a building of $ 5000-7000 ($ 50-70 million for the building). According to a source who was interested in the building prior to the devaluation in 2013, representatives Ismailov called price$ 300 million, and even though the amount was considered too high.

Cushman & Wakefield partner in Russia Denis Sokolov says that the "Prague" - a historic building, the so-called trophy assets. "Estimate the cost of such an object is much more complex. Unique, one-of-a-kind historic property. Such purchases are often emotional nature, and possess the prestigious "- said Sokolov.

The second object, inherited VTB - business center "Tropicana" - is located in Krasnaya Presnya and not fully occupied by tenants. According to Sokolov, to date, of 11 000 sq. m of rentable area available almost 6000 square meters. m, the rent rate is about 24 000 rubles per square meter. m. The office market is now suffering from a lack of demand. In Moscow, one in five square meters of offices available (20%). "The price range may be large, since, on the one hand, this is a good building, located in the center, but the large amount of vacant space is unlikely to achieve high prices - says Sokolov. He said an upbeat assessment of the asset at $ 22 million, but more than likely, the price will be lower.

Executive Dr.Rector of the capital markets department of Colliers International Stanislav Bibik says that objects Ismayilov in Moscow attributed mall AST at Izmailovo Highway 71A, near the metro station "Guerrilla" (26 000 sq. m), "Tropicana" in Krasnaya Presnya, 24, including office block and store "Children's world" (17 200 sq. m), as well as a business center in the Little Georgian, 3 (6000 sq. m). All of these sites can be attributed to the class B, but the price - around $ 100 million are also objects Ismailova attributed restaurant "Safisa" on Vorobiev Road, but as the "Prague", is difficult to assess because it is unique in its characteristics. and is intended rather to "special" the buyer says Bibik.

This is not the first properties, which Ismailov lost: in November a five-star hotel Mardan Palace, Antalya located in Turkey, Halkbank was sold at auction for $ 124 million (Ismailov owes this bank). Before the crisis, a group of ACT included more than 30 companies in real estate, trade, and so on. D. Their turnover in an interview with "Vedomosti" Ismailov is estimated at $ 3 billion. He also said that the company owns 1.5 million square meters. meters of real estate in Moscow.