Youth (department store)

History

2024: Department Store Sale

In September 2024, it became known that Trust Bank sold the Moscow department store Molodezhny for ₽1 billion. The transaction was completed after several years of unsuccessful attempts to sell the object, which passed to the bank after the bankruptcy of Binbank. The new owner of the asset, an area of ​ ​ 11.6 thousand square meters. m, became the owner of the microfinance company "Seimer" Sergey Sedov. The department store is located on the Mozhaisk highway in the western part of Moscow.

According to Kommersant, the FAS approved the deal back in August 2024, when only one application from Sergei Sedov was submitted at the auction for the sale of the asset. However, the entrepreneur himself did not comment on the purchase. The press service of Trust Bank also refrained from commenting on the transaction. Earlier, the Youth department store belonged to PIK Group shareholder Sergei Gordeev, and then moved to the former co-owner of the Safmar group Mikail Shishkhanov, whose assets were transferred to Trust as part of the restructuring of Binbank's debts.

source = Yandex.Maps

Estimates of the cost of an object differ. NF Group partner Stanislav Bibik believes that the department store could have been sold for ₽1,1 billion, while the founder of the consulting service Finmodul.com Artem Tsogoev believes that the real amount of the transaction could be from ₽500 million to ₽600 million, taking into account the low interest in the object at auctions. The facility is considered obsolete, which implies the need for significant investments in its reconception and renewal, which also affected the size of the discount.

Despite the fact that commercial real estate in Moscow is experiencing some difficulties, street retail facilities still remain in demand among tenants, especially supermarkets, cafes, pharmacies and other small enterprises. Stanislav Bibik notes that the demand for street retail remains stable, since such objects are involved in the daily life of citizens. According to the NF Group, the share of vacant space on Moscow shopping streets decreased to 7.9% in the first half of 2024, which is below the level before the pandemic, when this figure was 9.6%.^[1]

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