PNK Group has closed one more deal and sold a warehouse terminal at one of its industrial parks.
PRV Group, a nationwide Russian distributor of alcoholic beverages and food products, purchased a class-A warehouse with floor space of 33,000 m² at PNK-Vnukovo industrial park. Knight Frank acted as the broker for the deal and Srednerussky Bank of Sberbank (Russian Federation Savings Bank) was the deal's financing partner.
A particular feature of the deal was the absence of any funding for the construction on the part of the customer (PRV Group). Funds invested in construction were provided under a partnership program between PNK Group and Srednerussky Bank of the RF Savings Bank (Sberbank).
"The Srednerussky Bank of the RF Savings Bank is one of very few banking institutions that can afford participation in such large-scale and long-term projects as those being implemented by PNK Group.
"The decision on the bank's cooperation with the company was taken during the crisis of 2008 and despite the risks associated with economic situation then, we see now that we have taken a right decision to approve our cooperation, after considering the borrower's reputation as a credible and highly professional market operator," said Yuri Ismaghilov, acting Chairman of the Srednerussky Bank of the RF Savings Bank (Sberbank).
Completion and transfer of the 33,000- m² class-A terminal comprising three warehouse blocks and office premises is scheduled for Q2 2012.
As noted by Vyacheslav Kholopov, Director of Knight Frank department of industrial and warehouse property and land, this deal is a confirmation of a trend manifesting itself in the Moscow region's market of warehouse construction and purchase.
"For a long time warehouse markets of Russia and the Moscow region have shown active development of the lease segment. In such conditions turnkey construction projects (the so-called 'design & build' concept) and deals involving sale of premises designed and re-conditioned 'as per customer's needs' were few and far between.
"Now, owing to the appearance of new quality projects on the market, the availability of developers who can build quality products and deliver the completed property on time, we expect further deals in the segment of construction of specialized facilities for subsequent sale," Mr. Kholopov stressed.
PNK Group is presently able to shape its own investment strategy that does not depend on short-term market conditions. This strategy is supported by availability of industrial parks already in operation (and ready for development of further stages), the company's partnership program with Srednerussky Bank of Sberbank and also by the vertically integrated structure of PNK Group, combining investment, development, construction, manufacturing business units and a management company.
"PNK Group's strategy consists of construction and development of our own industrial parks in locations that are the best from the logistics viewpoint. Our industrial parks have all required infrastructure for growth and expansion and are able to generate the cash flow required for such expansion.
"PNK Group can offer a full range of products in the segment of industrial property in essence becoming a 'one-stop-shop' of industrial properties. If required by the client, we can sell build-to-suit projects ('tailor-made' to client's specifications) construction of such properties requires a minimum amount of time to complete (presently six to nine months).
"Moreover, PNK Group's own quality standards are far superior compared to Russian market average parameters of Class A industrial properties. Therefore, market participants will always demand our products», said Mr. Oleg Mamaev, CEO of PNK Group.
"A warehouse is the foundation of the logistics process; it forms part of business of any distribution or production company. Every customer has its own specific requirements for outfitting of the building. That's why PRV Group decided to do this project in cooperation with PNK Group, based on the high q