1st session:

Experts from Russia's top real estate advisors gave a balanced though not overly optimistic outlook on the real estate market. The retail sector – in particular in the regions – is doing still well and logistics had one of the best years ever. The office sector, however, has been hit quite hard by the current crisis and is unlikely to recover in the short term. The prevailing topic of the discussion was the "de-dollarisation" of the retail sector as increasingly rents are charged in roubles and not linked to American dollars or euros anymore. This to some extent was seen as a natural development. The transition, however, can cause problems, in particular where investors have financed their properties with foreign currency loans. The discussion ended on a sober note: the boom is behind us and the current state of affairs is the "new normal", although this offers a lot of opportunities as well.

L–R: Vyacheslav Kholopov, Partner, Director Logistics, Industrial & Land, Knight Frank Russia & CIS; Thomas Devonshire-Griffin, General Manager, JLL Russia and CIS; Holger Mueller, Managing Director of the Real Estate Department, PwC; Denis Sokolov, Partner, Head of Research Department, Cushman & Wakefield; Nikolay Kazansky, Managing Partner, Colliers International Russia. 

2nd session:

Tomi Asanti led the discussion on the current strategies of investment funds in Russia. It was noted by the panelists that both equity and debt capital is still available for investors interested in acquiring offices, retail or logistics buildings. However, leverage ratios continue to be conservative (typically banks require 50% equity) and the assets must be of very good quality (regarding technical requirements, and tenant and contract base).

L–R: Roustem Gareyev, Senior Vice President, Heitman; Michael Stanton, Chief Investment Officer, O1 Properties; Andrey Kolokolnikov, Executive Director, Morgan Stanley; Tomi Asanti, Head of the Representative office, Sponda Russia; Chris Dryden, Managing Director, Ghelamko Russia; Georgy Ivanov, Managing Director, NPF “Blagosostoyanie”, TRINFICO Investment group; Natalia Tischendorf, Managing Director, Romanov Property Holdings Fund.

The 3rd session:

Experts from big European companies shared their company growth plans in Russia. The moderator and speakers: 1) discussed the development of the real estate sector in terms of evaluating the development of the middle class in Russia; 2) compared real estate and construction material prices in Russia to European prices; 3) discussed the factors that can help their business become more competitive and efficient; 4) discussed housing for rent as an efficient social model and exchanged their suggestions for the Government to guarantee affordable housing. 

L–R: Hermann Wies, Finance Director, Robert Bosch OOO; Boris Minialai, Managing Director, Metro Cash & Carry; Antonio Linares, AEB Board Member, Managing Director, Roca companies in Russia and CIS; Philippe Roger, Finance Director, Leroy Merlin; Teemu Helppolainen, Deputy Chairman of the AEB Board, Head of segment, Housing Russia, YIT Group.

Presentations from the event are avaliable HERE

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