Sberbank can create the largest development corporation in Russia

Sberbank construction assets are allocated to a separate company Sberbank Development, which will be headed by the shareholder of the PIK group Yuri Zhukov, writesGazeta.Ru with reference to its sources.

The development portfolio of Sberbank includes a control package of shares of DB Development, the share in the capital of the Rublevo-Arkhangelskoye project, as well as a number of projects of Don-Stroy and Capital Group: the city of capital, the city of yachts and projects for the construction of affordable housing conducted by the Center for the Center.

DB Development was created in 2007 to implement projects in the field of development and development of infrastructure projects in Russia and the CIS. She became the first joint ventures in Russia, in which Western companies acted as a developer and an investor. The first project of the developer was the Khimki-City business district (about 400 thousand square meters of office and retail space).

Ilya Kuznetsov from Cushman & Wakefield Stiles & Riabokobylko says that the consolidation of the development of Sberbank will lead to the creation of the largest construction corporation in Russia. “The volume is very large,” he says. “Sberbank was one of the main creditors of the construction sector.”

We will remind, earlier the start of independent work in the development market was announced by another State Bank - VTB. The "daughter" of the Bank, CJSC VTB Development, carries out financing and monitoring the implementation of projects in the field of real estate. The largest projects of the Development CJSC - "Embankment of Europe" and "Neva Town Hall". The VTB also belongs to the share in the capital of the construction companies Don-Stroy and the Galsa system.

Banks received developmental assets during the crisis. Casted construction concerns gave projects for debts. Analysts noted that banks are becoming leading players in the metropolitan real estate market, squeezing developers.