ADG Group promises to invest 40 billion rubles in reconstruction of old cinemas / Pavel Smertin / TASS

ADG Group was founded in the mid-2000s by former Alfa Bank Vice President Mikhail Pechersky. Before the 2008-2010 crisis, the company planned to invest $900 million in the construction of shopping and entertainment centers in Russian regions with a total area of about 1 million square meters. It managed to open several such complexes in Kaliningrad (Kaliningrad Plaza, 39,000 square meters), Astrakhan, Bryansk, and Novosibirsk. ADG Group also planned to build housing, and taking it into account, the company's total investment program amounted to about $2 billion. After the crisis, ADG Group did not announce any new large-scale projects. The exception is a shopping center with the Vladislav Tretyak hockey school in Mitino. The company was going to build it together with the Czech PPF Group , but after protests from residents, the project was sent back for revision.

A structure of the development company ADG Group - OOO Edisonenergo - won the auction for the sale of 39 movie theaters in Moscow, according to a statement from the capital's Department for Competition Policy (the organizer of the auction). The objects went to ADG Group at the starting price of 9.579 billion rubles. OOO Balder also participated in the auction, the statement specifies. It was not possible to contact its representatives on Friday.

The cinemas put up for auction include Almaz on Shabolovka, Praga on Nizhnyaya Maslovka Street, Orbita on Andropova Avenue, Baku on Usievich Street, and others. The total area of all the properties is about 170,000 sq. m. The largest of them are the Volgograd cinema on Ferganskaya Street (13,000 sq. m), Sofia on Sirenevy Boulevard (11,200 sq. m), and Orion on Letchika Babushkina Street (10,000 sq. m).

ADG Group is ready to invest 40 billion rubles in the reconstruction of cinemas, said its vice-president Grigory Pechersky. According to him, the functional purpose of the facilities will be determined during the development of the project concept. He assured that their cultural and social function will certainly be preserved. Pechersky refused to name the sources of funding, noting that ADG Group has a partner in this project - its name will be announced later.

According to the buyer, the total investment in the project will reach 50 billion rubles, i.e. about 300,000 rubles per 1 sq. m of existing space, which is a lot, says Anton Korotayev, head of consulting in the field of retail space at JLL, in surprise: “With such a cost price, we can talk about new construction with a possible increase in space.” The area of some objects can indeed be increased, confirmed Pechersky.

Cinema chains as tenants pay low rates - on average $250 per 1 sq. m per year, notes Korotayev. Cinemas themselves take a long time to pay for themselves, so it makes sense to reconstruct them into multifunctional centers with an emphasis on the retail component, notes Blackwood Managing Partner Konstantin Kovalev. If there is already a powerful competitor nearby (for example, on Ganetsky Square, next to the Varshavya cinema there is the Metropolis shopping center with modern cinemas), then it is better to build housing or an apartment complex on this site, he believes.

ADG Group will show the film