"Glavstroy": the transaction for the sale of "Glavstroy-SPB" Kerimov is suspended, but not canceled

The transaction on the acquisition by the structure of businessman Suleiman Kerimov “Nafta-Moscow” of the company “Glavstroy-SPB”, which is part of the construction holding Oleg Deripaska, Glavstroy, is not canceled, Yevgeny Ivanov, Deputy General Director of the Glavstroy Corporation, said at a meeting with journalists.

“The deal was suspended, but not canceled,” Ivanov noted. The question of what reason the transaction was suspended, the deputy general director of the Glavstroy corporation left without comment, writes Interfax .

As reported, in the last days of February 2009, the Glavstroy Corporation, which is part of Oleg Deripaska’s holding, “Basic Element”, made an application for the sale of Glavstroy St. Petersburg LLC (development business in St. Petersburg) of Suleiman Kerimov Nafta-Moscow.

LLC Glavstroy-SPB entered the St. Petersburg market in 2007. During this time, the company won a number of tenders of the city administration for the right to implement large development projects. In particular, Glavstroy-SPB planned to implement a project of public and business development in the Admiralty district of St. Petersburg with a minimum investment of $ 300 million. At the end of 2008, the company announced that it transfers the start of the project for a year due to court disputes with companies that occupy the future development area.

In addition, the company bought the rights of renting two large land plots in the Vyborg and Primorsky districts of St. Petersburg for housing development worth $ 3 billion each. In total, the "daughter" "Glavstroy" planned to build over 700 hectares. For two projects, the company carried out pre -design work.

As a result of the transaction with Nafta, Glavstroy, the St. Petersburg market will not leave. According to the representative of the Glavstroy Vitaly Korolev, the company will continue the implementation of infrastructure projects, in addition, it will perform the functions of the contractor at the facilities sold to Nafta.

Gradually, Glavstroy will leave development in all regions of presence, focusing on infrastructure and civil construction.

According to Korolev, the company will graduate from development projects that are already in the implementation stage (several projects in Moscow and the Moscow Region), but does not plan new ones. An exception may be the Emerald project on Leninsky Prospekt - "Glavstroy" studies the opportunity to launch it in the summer of 2009.

Recall, Glavstroy against the backdrop of the crisis at the end of last year, faced financial difficulties. The company was not able to fulfill obligations on a number of loans, and as a result, several banks, including VTB and Alfa-Bank, went to court with claims against Glavstroy and his daughters.