Defense Ministry and Rotenberg exchanged real estate - ministry got unfinished hotel complex, while oligarch received former military base 

Defense Ministry and Rotenberg exchanged real estate - ministry got unfinished hotel complex, while oligarch received former military base
Arkady Rotenberg

Rotenberg can earn from 13 to 16 billion rubles ($197.2-242.7 m) on the development of the land received.

The facilities of oligarch Arkady Rotenberg started to own the territory of the former military unit in South Chertanovo in Moscow and the Defense Ministry’s car fleet on Khoroshevskoye Highway. The transfer of rights for these areas from the Office of Special Projects Property of the Ministry of Defense to the Yavara-Neva Judo Sports Club can be tracked in the Unified State Register of Immovable Property (EGRN). As RBC found out, in return the military agency got an unfinished sports and hotel complex in St. Petersburg, occupying the territory of Bychiy Island, which is located next to Zenit Arena.

So far, there is no information about the plans of the businessman on the use of the land received. At the moment, according to the documents, they are intended for actual usage, i.e. as a car fleet and military camp. Notably, their total area is 10 hectares.

According to Cushman&Wakefield, a consultant on the real estate market, using these territories for the construction of sports facilities, which could correspond to the subject of the owner, Yavara-Neva, is unreasonable. At the same time, if housing development is allowed on these lands, its total market value will be about 4 billion rubles ($60.6 m). Upon completed construction, residential complexes at the sites in Chertanovo and on Khoroshevskoye Highway can bring about 13 billion rubles ($197.2 m) in revenue.

Постройки на острове Бычий

Buildings on Bychiy Island

That said, according to Mariya Litinetskaya, a managing partner with Metrium company, the proceeds from developing only one of the sites in South Chertanovo, where one can create a comfort-class residential building with a total area of 185 thousand square meters, will be at least 16.5 billion rubles ($250.3 m).

According to Metrium, in the second site, on Khoroshevskoye Highway, 1.5 km from the GRU building complex in Grizodubova Street, it is possible to erect a business-class apartment building with a total area of 60 thousand square meters.

According to a source of the publication close to the Ministry of Defense, Rotenberg was picked up good compensation facilities for an asset in St. Petersburg, and since there was little left, they “grabbed all that was liquid.”

Also, it is still unknown how the Ministry of Defense is going to use unfinished detached houses in St. Petersburg. Yavara-Neva Judo Club, established by Rotenberg, got the land for rent for the period of 49 years from the city in 2005. In return, almost 20 million rubles ($303.6 thousand) were to go to the treasury of St. Petersburg, another 88 million rubles ($1.3 m) were supposed to go for bank protection. The end of construction was scheduled for 2009, but then it was postponed until 2015. At the end of last year, at that time, the Governor of St. Petersburg, Georgy Poltavchenko, said that the sports and entertainment center and yacht club, “built by means of the investor” on Bychiy Island, will open in 2018. However, at the moment, according to the EGRN data, the project is only 83% ready, and according to the spokesperson of Rotenberg, Yavara-Neva will not participate in its completion. According to RBC, Yavara-Neva has invested 8 billion rubles ($121.4 m) in the project on Bychiy Island.

It is known that the complex includes a sports center with an area of 28.8 thousand square meters, yacht club - 2.3 thousand square meters, as well as ten "hotel-type villas", about 900 square meters each. According to Rosbalt, the Ministry of Defense plans to deploy a cadet corps on the Island. However, it is not specified by means of what it will be finished.  

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