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Powerhouse Dominanta departs from the city.

Developer firm Dominanta, led by Denis Borodako, finds itself under financial strain, prompting asset sales worth more than 17 billion rubles to potential buyer GC Coldy. With this deal, Borodako aims to redirect focus towards construction endeavors in uncharted territories. Meanwhile, the...

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Developer firm Dominanta, led by Denis Borodako, is offloading assets due to rising credit...
Developer firm Dominanta, led by Denis Borodako, is offloading assets due to rising credit obligations.Approximately 17 billion rubles worth of platforms could be handed over to GК Coldy. Following the asset sale, Borodako intends to shift his attention to construction endeavors in uncharted regions. In Moscow, the developer community's investment in acquiring fresh projects is currently on a downward trend.

Powerhouse Dominanta departs from the city.

Facing a financial crunch, Dominanta, helmed by Denis Borodako, is offloading assets. According to unconfirmed reports, four lucrative Moscow sites owned by Dominanta, valued approximately at 17 billion rubles, could find a new owner in GК Coldy. After shedding these properties, the developer aims to stretch its construction wings in new territories.

In the bustling heart of Moscow, developer activity among builders scooping up new projects is in a slump. GК Coldy, the prospective buyer, has its sights set on four Moscow sites, totaling 160,000 sq.m, for future development. Here's a rundown of the properties up for grabs:

  1. Three residential complexes - two in Big Kozikhinsky Lane (originally envisioned for 9,400 sq.m) and one along Safonovskaya Street (46,000 sq.m).
  2. The HideOut residential complex on 3rd Setunsky Proezd, boasting a 51,500 sq.m footprint.
  3. The under-construction Qoob business center, located at Alexei Sviridov Street in Fili-Davydkovo, with a 21,500 sq.m construction area.

With the portfolio's estimated worth ranging between 15-20 billion rubles, according to industry sources, GК Coldy will significantly boost its residential and commercial real estate portfolio, reaching 1.6 million sq.m, post-acquisition. Headed by Dmitry Kryuchkov, GK Coldy has been actively engaged in mergers and acquisitions. Recently, the company picked up a mansion in Lyalin Lane (725 sq.m) in central Moscow for 450 million rubles. Rumors also swirl around a potential deal for the Mirland Plaza business quarter (69,000 sq.m) near the Savelsky railway station from Sberbank.

Since 2022, Dominanta has operated independently, with Denis Borodako, a co-investor in MR Group's development projects, serving as the main owner. In addition to the properties slated for sale, Dominanta has projects lined up for the construction of the Noon business center (16,400 sq.m) on Okskaya Street in southeastern Moscow and the Svet residential complex on the Dmitrovskoe Highway (54,900 sq.m).

In a surprising twist, Dominanta announced its entry into Mariupol's market, Borodako's hometown, where it intends to construct a multifunctional complex on 9.8 hectares. After divesting its Moscow properties, this undertaking might be Dominanta's next big move.

However, numerous sources within the real estate sector speculate that Borodako was forced to sell these Moscow assets due to accumulated debt, stemming from a tightened monetary policy. Industry experts had predicted withdrawals from the market as early as last fall. The increased debt obligations experienced by Russian builders have been the driving force behind these changes.

IBC Real Estate forecasts a 45% decrease in investments in sites for residential construction in 2025, amounting to 200 billion rubles compared to the previous year. As for GK Coldy, Grigory Nachinkin, deputy director of the Russian Auction House claims that the company may have sufficient capital to finance deals. To complete the purchased projects, though, GK Coldy will likely need a financial partner, as per Ekaterina Lomteva, director of the residential real estate department at CORE.XP.

As the real estate landscape evolves, developers might find themselves divesting properties, honing their focus on strategic projects, or diversifying their portfolio to weather financial challenges. The turmoil in the market paves the way for strategic acquisitions, even in uncertain economic times, as they can yield promising future growth prospects for the companies involved.

In the forthcoming acquisition,GK Coldy, a prominent player in the Russian business sector, will expand its residential and commercial real estate portfolio significantly, by incorporating four Moscow sites valued at approximately 17 billion rubles, originally owned by Dominanta. Amidst the challenging financial climate, Dominanta, a real estate developer, is seeking to bolster its construction projects in new territories, following the sale of these strategic assets.

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