St. Petersburg Renovation

Renovation will provide urban development of more than 900 hectares of territories included in the program, including the construction of new comfortable housing, comprehensive reconstruction and systematic development of engineering and social infrastructure. The program is socially oriented, since during its implementation the necessary conditions will be created to improve social well-being and quality of life of tens of thousands of Petersburgers and their families. The implementation of the renovation program is carried out by the company together with the Government of St. Petersburg, is an important factor for the growth of the main economic indicators of the city and an integral part of the strategy for the further development of the metropolis.

History

2021: "Aircraft" bought "St. Petersburg Renovation"

On September 17, 2021, the Aircraft group officially announced the purchase of St. Petersburg Renovation. After the closing of the transaction, the developer specializing in projects for the renewal of city quarters of St. Petersburg will become a separate division of the regional business of Aeroplane Group of Companies under the leadership of Alexander Prygunkov, a member of the board of directors of the group and shareholder of Airplane Regions.

The transaction amount is not disclosed. According to an Interfax source on the real estate market, it will amount to 10 billion rubles and will be paid over three years. The transaction should be approved by the Federal Antimonopoly Service of Russia.

"Aircraft" acquired "St. Petersburg Renovation"

Prior to this transaction, Aircraft owned 5% of St. Petersburg Renovation with an option to increase its share. The remaining 95% of the company was owned by Cyprus Retansel Enterprises ltd. The Vedomosti newspaper called one of the main shareholders of the Aircraft, Mikhail Kenin, its co-owner.

By September 17, 2021, St. Petersburg Renovation has a portfolio of 22 projects with a volume of more than 6 million square meters. m in different parts of St. Petersburg. In the active phase, 6 projects are being implemented with an ongoing construction volume of 230 thousand square meters. m At the expense of the company, the portfolio of Aircraft Group of Companies will grow to 30.9 million square meters. m

After the completion of the transaction, the land bank of the Aircraft group will reach 30.9 million square meters. m In 2022, the developer "Plane" due to the transaction plans to double the sale of housing in St. Petersburg.

We understand that the problem of dilapidated housing in the city is very acute, and the company St. Petersburg Renovation over 10 years of this program has accumulated tremendous experience that will help both implement the program in St. Petersburg and scale it to other regions where there are problems with dilapidated housing and the renovation of central areas is necessary, "said Anton Elistratov, Director General of the Aircraft group.[1]

Notes