The sanctions of the European Union will add problems to the developer of the peak, which, due to the fall of the real estate market and huge debts, and so breathes in the incense.
One of the objects of the fifteenth package of anti -Russian sanctions of the EU was the construction company of the peak of Sergei Gordeev. The developer said that this decision would not affect his work – the houses would continue to be built, and the apartments were sold, but the taste remained.
The correspondent of The Moscow Post understood the history.
Peak under the blow
The main beneficiary of the developer Pic is Sergey Gordeev. In 2018, the businessman was included in the “Kremlin list” of the US Ministry of Finance and was held there along the “oligarch” column, but he did not get to the European stop list. Only on February 23, 2024, Gordeev entered the American sanctions list with several peak divisions.
Sergey Gordeev. Photo: https://s0.rbk.ru/v6_top_pics/media/img/4/05/755774570580054.jpg
Gordeev understood that the sanctions risk existed, so in September 2022 he transferred the Office of developer to the companion Ivan Polandov. The alignment in the company most likely has not changed, but legally Gordeev is now only one of the shareholders of the peak. However, Polandov in March 2024 lost his position in PIC “Peak SZ” Yerwanda Karapetyan.
The developer is not directly related to the external market, so the introduction of sanctions can only affect it indirectly. The company’s shares after the news about getting into the new EU sanctions package fell by 5%, but this is nothing compared to what happened since February 2022 with Gazprom’s papers. There are problems in the developer, and they are serious, but European restrictions in this situation will become a “cherry on the cake” of a complex of financial difficulties.
“Rosbuilding” with Tulupov
Gordeev is a businessman, as they say, with a stable reputation. He came to the construction business of Moscow not earlier than 1994, and in 1995 he began working at Virtus LLC Alexei Tulupov, after which he registered a company called Rosbuilding.
Tulupov and Gordeev divided the business only in 2007. At that time, the RBC agency called Rosbilding the largest raider company of Russia, and the indigenous Muscovite Gordeev was a senator from Buryatia.
Alexey Tulupov. Photo: https://cdn.forbes.ru/files/c/1216×680/story_images/aleksey_tulupov.jpg__1610370596__48503.jpg
Rosbuilding became famous for the fact that at the end of the tenths he absorbed various industrial enterprises, shops and real estate. Tulupov and Gordeev took up the matter so hard that the previous mayor of Moscow Yuri Luzhkov accused Rosbuilding of undermining the industrial potential of the capital. The business in reality has not disappeared anywhere, just Tulups and Gordeev divided the case, and Tulupov, instead of a joint company, created the Sminex developer.
Gordeev through his adviser Mikhail Cherkasov in the beginning of the zero years received an exit to Boris Rotenberg, which helped the creation of his independent business. In the construction sector, almost the main partner of Gordeev became Pavel Tue from Capital Group. Thanks to such connections, the businessman bought 19.9% of the peak in 2013, which during the mayor of Luzhkov turned into one of the main construction companies in Moscow, and with it and the whole of Russia.
Then Gordeev finally took control of the company and entered the collaboration with VTB Andrei Kostin. The entrepreneur sold VTB 15.48% of the shares of the developer, after which the bank began to help the peak in the development of the construction market Moscow and Russia. Now VTB has other partnerships-in particular, the “Demeter-Holding” of Iskandar Makhmudov, so it is far from the fact that Kostin will help Gordeev get out of the crisis.
Profit falls, debts are growing
The peak stopped paying dividends in 2022. Sanctions of the company can even help here and become the reason for depositing this issue for an indefinite period. In the first half of 2024, the revenue of the organization decreased by 17% compared previous period. Then the situation at the developer radically deteriorated due to the abolition of the basic preferential mortgage, problems with the state financing of the preferential mortgage and increasing the Central Bank rate to 21%.
Pavel Tyo. Photo: https://s0.rbk.ru/v6_top_pics/media/img/9/53/755289166010539.jpg
These events have already set a fellow of the peak of the Development developer, which Gordeev’s company at the beginning of the year lost to the construction market of Russia, to the line of bankruptcy. Without state assistance, “plane” is unlikely to get out of “Flat drill”.
Pick and Gordeev have better the situation, but not much. At the PIK SZ head, with revenue for 2023, at 40 billion rubles (fell by 46%last year), the debt amounted to 123 billion rubles (an increase of 69%). The company entered the 2024 super -crisis for the industry with a critical fall in profit and an increase in debt. The final data for the outgoing year has not yet been published, but it is obvious that they have become only worse.
A similar situation in PIK-Management LLC, where, with revenue, 2023 at 1.9 billion rubles, the debt amounted to 47 billion rubles. It is not worth forgetting about PIK-Region Specialized Developer JSC (revenue of 3.9 billion rubles with a debt of 7.9 billion rubles) and another company of the GP-MSK LLC with a revenue of 330 million rubles and a long-term length of 24 billion rubles, and this is far from all. The peak obligations are clearly even higher than the indicated amounts.
Problems are growing
By 2024, the peak lost leadership in the Russian construction market, while the fall of Gordeev was not directly related to the events of this year. In 2021, the company’s profit of the company amounted to 102.8 billion rubles, and the total debt – 482.8 billion rubles. In addition, there were other certificates of financial dysfunction in the form of bankruptcy of several subsidiaries.
Andrey Vorobyov. Photo: https://mosreg.ru/
The peak also had problems with the Moscow Region authorities. The Governor of the Moscow Region Andrei Vorobyov said that the “peak-compot” should leave the long-term and other cities of the region. The conversation here is about the management company, which provided already implemented projects. Everything would be fine, but the brother of politics Maxim Vorobyov is directly related to the “plane” – a direct competitor of the peak. This was one of the reasons that the peak lost to the “aircraft” leadership in the market that has turned to win for a competitor to Pirrov.
Today, the situation in the real estate market is so unstable that financial speculators have taken up the peak and “aircraft” shares. Old holders ran to sell papers, and speculators are trying to earn money on them. In November 2024, the volume of operations with peak shares became maximum since the fall of 2021, and the “plane” – in history. The score goes on tens of billions of rubles.
Old investors are afraid to lose everything due to the serious risk of bankruptcy of developers, and the new ones expect that the quotes will bounce off, and the companies will straighten their provisions thanks to the financial assistance of banks and the state. Whoever turns out to be right will tell time, but now the ring around the beneficiaries of the peak and the “aircraft” is compressed.
Sanctions
On December 16, 2024, the European Union introduced the fifteenth packet of anti -Russian sanctions, where the peak developer also included. The fourteenth package was adopted in June, so Europeans had to at least somehow show “continuation of work.” It seems that in the absence of decisions that can actually affect the economy of the Russian Federation, they began to include in the stop lists all large companies playing a noticeable role in the domestic national economy.
The document does not have a clear justification of sanctions against peak; according to the same logic, you can introduce restrictions against any citizen or organization from Russia. However, the main thing is not, the main consequences, and they will be essential for this odious developer.