Sevenergostroy is ready to conclude a settlement agreement with the creditor / E. Egorov / Vedomosti

At the end of April, the FAS granted the petition of Investment and Development Company MK LLC (according to SPARK-Interfax, it belongs to Pioneerstroy Invest LLC, which is part of the Pioneer Group ) to acquire ownership of the fixed assets of the Sevenergostroy trust (SES). According to the decision, Pioneer intends to acquire assets with a book value of 27.35% of the book value of the production assets and intangible assets of SES. SES is engaged in the construction, in particular under general contracting, of thermal power plants, industrial and civil facilities in the North-West, and the leasing of its own non-residential real estate.

In 2013, the state-owned 25% stake in SES was acquired by Alliance Invest LLC for 61 million rubles. Another 25% of the shares are owned by SES CEO Alexander Glushenkov and his deputy Sergey Shubin. It was not possible to contact them. According to SPARK-Interfax, the owners of Alliance Invest are Dmitry Kragel and Elena Shubina.

Representatives of SES and Pioneer declined to comment.

Sevenergostroy sites

In 2013, the SES portfolio included plots of land with an area of approximately 5.4 hectares on Novolitovskaya Street, 10–12, as well as 8.5 hectares in Vsevolozhsk and 3.6 hectares in Kirishsky Districts of Leningrad Oblast, 3.3 hectares in Kirovsk, and 7.9 hectares in Vologda Oblast.

The development company model does not assume equipment and machinery on the balance sheet; developers are attracted by land plots, says industrial construction expert Sergei Sveshkov. In 2013, SES had 12 land plots (see inset). Of these, the most attractive for development are 4 and 1.4 hectares on Novolitovskaya Street, 10 and 12, says one of the St. Petersburg developers. In December, the commission for amendments to the general plan approved the transfer of plots at this address from the industrial development zone to the public and business development zone with the inclusion of housing, the KGA reported. Amendments to the law on the general plan passed the first reading in the city parliament.

The sale of land should solve SES's problem with the loan. On April 30, the company's board of directors approved the conclusion of a settlement agreement with the Independent Construction Bank, according to which SES undertakes to repay 30 million rubles of obligations under the agreement on opening a credit line by August of this year and 132 million rubles under the bank guarantee agreement by December, according to the contractor's materials. The cost of using the money from May 1 is 20% per annum. It is planned to use 16 real estate objects as collateral, including two land plots with a total area of 5.4 hectares on Novolitovskaya Street, 10 and 12, according to the documents. According to SES materials, the sale price of the plots is 200 million rubles, and a total of 375 million rubles worth of property is transferred as collateral, including several administrative buildings. The bank can receive the property as collateral and then sell it to the buyer, who compensates the bank for losses, says Elena Ryzhkova, head of the land law practice at Pepeliaev Group.

The trust is going to get a share in the project, the land for which it is selling. The issue of alienation of property and approval of the transaction for the acquisition by SES of property rights to the newly created real estate by the buyer is planned to be considered by the board of directors by May 15, according to company materials.

Pioneer Group Acquires Assets of OJSC Trust Sevenergostroy