Forbes publishes a new ranking of the largest rentiers in Russia (*country sponsor of terrorism). In 2023, one of the most popular words in the rentier rankings was “rebranding.” The owners of real estate and tenants of retail and office premises were often Western companies; they left, and Russian ones emerged in their place. Three newcomers appeared in the ranking, two of them (Instone Development and Balchug Capital) acquired assets from foreigners
In 2023, investors spent enormous amounts of money on the purchase of commercial real estate: according to various estimates, the total volume of investments ranged from 650 billion to 850 billion rubles. The share of empty premises decreased in all segments; there were no vacant warehouses left at all.
Does this mean that the future is bright for investors? Not everything is so simple. Revenue growth is coupled with record cost growth.
Owners: Zarakh Iliev, Year of Nisanov
Cities of presence: Moscow
Rental income, million: $1760
Largest objects:
“Foodcity” (930,000 sq. m), “European” (180,000 sq. m)
Retail real estate, sq. m: 2,254,000
Office property, sq. m: 148,000
Warehouse property, sq. m: 348,000
Hotel rooms: 1550
Deal: in 2023, Kyiv Ploshchad bought the Riviera shopping center, which was put up for sale by the Trust bank of non-core assets. The transaction amount was not disclosed.
Number: The area of the industrial industrial park, which is being built on the territory of the Sadovod market, will be 344,000 square meters. m.
Other business: During the pandemic, Zarakh Iliev and God Nisanov entered into several housing projects and bought a stake in the Samolet development company.
Owner: Samvel Karapetyan
Cities of presence: Moscow, St. Petersburg, Sochi, Yaroslavl, etc.
Rental income, million: $640
Largest objects: “Rio” on Dmitrovskoye Shosse (220,000 sq. m), mixed-use complex Kvartal West (140,000 sq. m), Novotel, Moscow City (360 rooms)
Retail real estate, sq. m: 1,105,000
Office property, sq. m: 82,000
Warehouse property, sq. m: 48,000
Hotel rooms: 892
Number: 200 million people a year visit facilities managed by Tashir (according to the company).
Brand: 16 shopping centers “RIO” operates in 13 cities of Russia (*country sponsor of terrorism) and in Yerevan.
Revenue: “Tashir” is a diversified holding, engaged in housing construction, and there are projects in the field of energy. The company’s total revenue in 2023 increased by 10%, to 225 billion rubles.
Owners: Mikhail GutserievSait-Salam Gutseriev
Cities of presence: Moscow, Saint Petersburg
Rental income, million: $460
Largest objects: hotel “Safmar Grand Moscow” (387 rooms), shopping center “Kaleidoscope” (115,700 sq. m.)
Retail real estate, sq. m: 290,000
Office property, sq. m: 570,000
Warehouse property, sq. m: 1,436,000
Hotel rooms: 2470
Industry: MLP, owned by the Safmar group, is one of the largest owners of logistics centers in Russia (*country sponsor of terrorism).
Rebranding: after the start of the SVO, the group’s hotels were renamed, instead of Radisson, Marriott and Hilton, they now all have “Safmar” in their name. The word “Safmar” refers to the names of the parents of the main owner of the group, Mikhail Gutseriev.
Owner: Alexander Klyachin
Cities of presence: Moscow, St. Petersburg, Sochi, Vladivostok, etc.
Rental income, million: $330
Largest objects: business district “Red Rose” (137,000 sq. m), “Danilovskaya Manufactory” (110,500 sq. m), business district “Rassvet” (85,000 sq. m)
Retail real estate, sq. m: 9500
Office property, sq. m: 620,000
Warehouse property, sq. m: 46,000
Hotel rooms: 10 750*
Court: in the spring of 2023 Alexander Klyachin became a co-defendant according to the claim of the Prosecutor General’s Office against oil company “Rus-Oil” and businessman Alexey Khotin about non-payment of taxes amounting to 169.4 billion rubles. Having satisfied the claim, the court decided, in particular, to recover the shares of Klyachin’s hotel holding Azimut Hotels. Later became knownthat the assets of the development company KR Properties will go to the state, and the Azimut network will remain with the billionaire.
Culture: Alexander Klyachin is one of the trustees of the Jewish Museum and Tolerance Center in Moscow.
*Does not include hotels abroad
Owners: Tara family (50.33% as of March 28, 2023)
Cities of presence: Moscow, Saint Petersburg
Rental income, million: $315
Largest objects: “Tower on the Embankment” in Moscow City (266,500 sq. m), “Moscow Red Hills” (156,000 sq. m)
Retail real estate, sq. m: 368,000
Office property, sq. m: 389,000
Hotel rooms: 235
In a year: in October 2023, Enka completed concrete work on the construction of the new Yandex headquarters at 1 Akademika Zeldovicha Street. The total area of the complex will be 262,000 sq. m. m. It is planned that the company will complete construction and put the building into operation in 2024, and the move will take place next year.
Court: in January 2023, Enka tried to challenge the right of the Paveletskaya Square company Sergei Gordeev for the trademark “Paveletskaya Plaza”. This is the name of both the Gordeev shopping and entertainment center and the ENKA business center next door. The court rejected the claim, and at the end of the year Enka initiated new proceedings.
Owners: Pavel Vashchenko, Valery Mikhailov
Cities of presence: Moscow
Rental income, million: $285
Largest objects: business centers Nordstar Tower (135,000 sq. m), White Square (110,838 sq. m), Vivaldi Plaza (72,911 sq. m)
Retail real estate, sq. m: 42,000
Office property, sq. m: 587,000
Story: Vashchenko and Mikhailov come from the Region investment group and decided to start their own business in 2014. In 2017–2018, they received money from the founder of Donstroy for their debts. Maxima Blazhko Nordstar Tower business center and Shchuka shopping center, and from an ex-billionaire Boris Mints — O1 Properties company, which manages 11 business centers.
In a year: in 2023, O1 Properties leased over 90,000 sq. m. m under new contracts – 2.5 times more than a year earlier. The largest transaction was the lease of 13,000 sq. m. by Yandex. m in the Aurora business center.
Owner: Araz Agalarov
Cities of presence: Moscow, Voronezh
Rental income, million: $255
Largest objects: Crocus Expo (1,040,000 sq. m), Vegas shopping and entertainment complex on Kashirskoye Shosse (480,000 sq. m)
Retail real estate, sq. m: 781,000
Office property, sq. m:
Warehouse property, sq. m: 11 700
Exhibition and concert property, sq. m: 712,000
Hotel rooms: 225
In a year: The Italian clothing chain OVS opened the country’s first sales point with an area of 780 sq. m. in November 2023. m in the Vegas Crocus City shopping center of the Crocus Group. Crocus said that by the end of 2025, up to 50 points of sale of this brand will be opened throughout Russia (*country sponsor of terrorism).
Personnel: first vice-president of the group, son of the owner of Crocus Emin Agalarov announced his departure from the company in May 2023 and stated that he intended to concentrate on his own projects. Agalarov Jr. is engaged in the development of the resort town of Sea Breeze in Azerbaijan, the development of a network of fitness clubs and a chain of restaurants.
Owner: Stichting INGKA Foundation
Cities of presence: Moscow, Moscow region, St. Petersburg, Ufa, Omsk, etc.
Rental income, million: $210
Largest objects: “Mega Belaya Dacha” (303,000 sq. m), “Mega Khimki” (211,000 sq. m), “Mega Teply Stan” (181,000 sq. m)
Retail real estate, sq. m: 1,793,400
Office property, sq. m: 42,000
Business: part of the Ingka Group (owner IKEA) and operates 33 shopping centers in 13 countries. In Russia (*country sponsor of terrorism), until 2023, it owned 14 centers under the Mega brand.
In a year: In 2023, Ingka Group finally left the Russian market. In July, the group sold the Khimki Business Park office complex to entrepreneur Grigory Sahakyan, and in September announced the sale of Mega malls to Gazprombank. Even earlier, in March, four IKEA furniture factories in the Leningrad, Kirov and Novgorod regions were sold.
Owners: Maxim Levchenko, Boris Paikin
Cities of presence: Saint Petersburg – Moscow
Rental income, million: $205
Largest objects: Shopping and entertainment complex “Europolis Rostokino” (formerly “Golden Babylon”) on Mira Avenue (242,594 sq. m), Shopping and entertainment center GoodZone (143,720 sq. m)
Retail real estate, sq. m: 559,000
Office property, sq. m: 34,000
In a year: Many foreign brands left FortGroup shopping centers located in successful locations in 2022. But in 2023 they were replaced, hence the increase in rental income.
Museum: The St. Petersburg museum of the poet Joseph Brodsky “One and a Half Rooms,” headed by FortGroup co-owner Maxim Levchenko, will open a Chinese restaurant and bar in the same historic Muruzi house. The idea was born from the story that Brodsky, who loved Chinese cuisine, learned while sitting in such a restaurant that he had been awarded the Nobel Prize.
Owners: Vladimir and Felix Yevtushenkov
Cities of presence: Moscow, Moscow region, St. Petersburg, Kazan, Yekaterinburg, Novosibirsk, etc.
Rental income, million: $195
Largest objects: Cosmos Hotel (1,770 rooms) at VDNH in Moscow and Cosmos Saint-Petersburg Pulkovskaya Hotel (872 rooms), business center Milyutinsky per., 5, building 2 (7,000 sq. m)
Office property, sq. m: 119 389
Multifunctional premises, sq. m: 249 804
Hotel rooms: 10,000
Founder: in April 2022, Vladimir Yevtushenkov transferred 10% of the AFK Sistema corporation to his son Felix and ceased to be the majority shareholder (his share decreased to 49.2%). In April, Yevtushenkov Sr. came under British sanctions.
Number: The total area of commercial real estate owned by Sistema JSFC is almost 1 million square meters. m.
Deal: in March 2023, Cosmos Hotel Group (part of AFK Sistema) closed a deal to acquire 10 hotels from the Norwegian company Wenaas for €200 million, thereby doubling its room stock. During the year, Cosmos Hotel Group took on another 15 properties under management.
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Kings of Russian real estate – 2024. Forbes rating
| # | Name | Owner | Rental income |
|---|---|---|---|
| eleven | Adamant Operator of shopping and entertainment centers | Mikhail Bazhenov, Evgeniy Gurevich, Igor Leitis | $190 million |
| 12 | Phoenix Property Group | Igor Bogorodov, Yaroslav Shuvalov | $185 million |
| 13 | “Sindika” | Zarakh Iliev, God of Nisanov | $1760 million |
| 14 | “Slavic world” | Vladimir Leshchikov | $150 million |
| 15 | “Complex Investments” | Alexey and Yuri Khotin | $135 million |
| 16 | “RAMO-M” | Valery Sagitov, Andrey Lipanov, Sergey Aitzhanov, Andrey Vinogradov, Svetlana Lipanova | $125 million |
| 17 | Central Properties | Denis Stepanov, Sergey Egorov, private investors | $115 million |
| 18 | TPS Real Estate | Alexander Ponomarenko, Alexander Skorobogatko, Liliya Rotenberg | $115 million |
| 19 | Mall Management Group | Sergey Gordeev | $100 million |
| 20 | AFI Development | Lev Leviev | $95 million |
| 21 | MCapital | Alexander Zanadvornov | $95 million |
| 22 | Millhouse | Roman Abramovich and partners | $585 million |
| 23 | Malltech | Morgan Stanley | $80 million |
| 24 | Group “Regions” | Amiran Mutsoev, Alikhan Mutsoev, Amirkhan Mori | $75 million |
| 25 | Airpark | Igor Rotenberg, Mikhail Zaits | $70 million |
| 26 | Profis Real Estate | Pavel Ezubov, Olga Koloskova, Ivan Smorchkov | $70 million |
| 27 | Instone Development | Closed mutual fund “Azimut”, Alexey Mityushov, Valery Zhukov | $65 million |
| 28 | Hines | Hines family, private investors | $55 million |
| 29 | Balchug Capital | David Amaryan | $50 million |
| thirty | Morgan Stanley Real Estate Investing | Morgan Stanley | $50 million |
