Gazprom purchases sanatorium on shore of Gulf of Finland 

Gazprom purchases sanatorium on shore of Gulf of Finland
Dunes sanatorium

Along with the Dunes sanatorium, the gas company has withdrawn almost 38 hectares of land near the Lakhta Center, the future headquarters of Gazprom.

Lider CJSC, which belongs to Gazfond and Gazprombank,  became the owner of the Dunes sanatorium on the Gulf of Finland coast and a 37.7-hectare land plot on which it is located. RBC reports this with reference to SPARK data.

The new owner of the asset, formerly owned by Andrey Molchanov’s development group LSR Group, was registered on June 21.

A representative of LSR Group confirmed the sale of the site, explaining the transaction "by the receipt of a profitable bid." Details of the transaction are not disclosed, but it is known that LSR Group acquired the asset for 1 billion rubles last year (15.8m). Currently, the market value of the sanatorium and the land on which it is located is estimated at 2-3 billion rubles ($47.4m).

It is worth noting that the acquired site is located near Lakhta Center - the gas monopolist's headquarters under construction. The sanatorium, built in 1978, is located on the shore of the Gulf of Finland in the city of Sestroretsk, which is part of the administrative boundaries of St. Petersburg. The area of the six-storey building is 14.4 thousand square meters. According to the Regional Geo-information System of St. Petersburg, the territory acquired by Gazprom is intended for recreational purposes, which means that it allows the construction of tourism and sanatoriums, hotels, boarding houses and summer cottages not exceeding 15m in height.

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According to the source of RBC, familiar with the details of the deal, Gazprom plans to jointly develop the Dunes sanatorium and neighboring sanatorium White Nights, located on an area of 33 hectares. In 2017, the White Nights boarding house was leased by SOGAZ, which is also connected with the structures of Gazprom, from St. Petersburg until 2066. SOGAZ plans to increase the number of rooms in the sanatorium, build new sports and medical facilities and modernize the equipment.

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According to director general of Knight Frank St. Petersburg Nikolay Pashkov, "in the overwhelming majority of cases, sanatoriums, boarding houses and pioneer camps in the hands of developers and investors turn into housing or apartments, because today it is the most profitable real estate." He estimates that about 300 thousand square meters of apartments can be erected on the territory.

The moving of Gazprom to Lakhta is scheduled for 2019.

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