PIK and Strabag switched to barter

Capital developers have found a way to continue construction in the face of a funding shortage - the barter scheme of payments with contractors is returning to the real estate market, writes the RBC daily newspaper.

According to the publication, PIK Group has repaid its debt to the Austrian Strabag in the amount of 750 million rubles. apartments in the Zapovedny Ugolok residential complex, which is being built in the North-Eastern district of Moscow. According to experts, this scheme is actively practiced today in the Moscow construction market and brings contractors a good income.

The head of the Strabag representative office in Russia, Alexander Ortenberg, confirmed to RBC Daily the presence in the company’s portfolio of “a pool of apartments in the North-Eastern District (NEAD) of Moscow, which Strabag is now selling,” but refused to comment on the counterparty who provided the housing.

According to Mr. Ortenberg, in October-November last year Strabag received 10 thousand square meters. m of apartments in a finished panel house without finishing at a price of 75 thousand rubles. for 1 sq. m. RBC daily's interlocutor notes that this is the only forced transaction in Strabag's portfolio, based on a barter scheme. The Austrians do not intend to continue this practice.

According to market participants, PIK offered contractors to work under a barter scheme back in August 2008, since the developer, like all large companies, “crisis came earlier.” RBC daily's interlocutors note that last fall PIK selected contractors willing to work for square meters in the project for the construction of the Teply Krai microdistrict on the street. Academician Vinogradov.

Experts interviewed by RBC daily note that barter relations are not unique to the capital’s construction market. Before the crisis, DSK-1 partially operated under this financing scheme. According to the President of FSK Leader Vladimir Voronin, in this case the contractor came to the formed areas with connected networks, built the facility and took 50% of the apartments. The financial crisis, which left developers without available credit financing, extended this barter practice to the entire market.