Tethys Capital Management Company intends to purchase 6.5 thousand square meters from Boris Yunanov’s Alias Group. m of real estate in the Avium business center near Leningradsky Prospekt in Moscow. This asset will later become part of the closed-end mutual investment fund Avium. Experts estimate the deal at 2.5–3.2 billion rubles; the space in the building can bring rental income to investors at the level of 13–16% per annum.
Tethys Capital Management Company negotiates with Boris Yunanov’s Alias Group to purchase 6.5 thousand sq. m. m of office real estate in the Avium business center under construction near Leningradsky Prospekt in Moscow. The parties to the transaction told Kommersant about this. According to them, the deal is in its final stages. Tethys Capital told Kommersant that these areas will be part of the closed-end mutual investment fund (CLIF) Avium. Fund shares will be available on the Moscow Exchange from July 1.
Nikoliers managing partner Nikolay Kazansky estimates the cost of the transaction at 2.5 billion rubles, and deputy director of the Remain office department Maxim Kuzmin at 2.6–3.2 billion rubles.
Tethys Capital Management Company does not rule out that one of the buildings of the complex may later become part of the fund.
In this case, the transaction value could reach 15 billion rubles, according to Dmitry Antonov, director of sales and acquisitions of the Ricci office real estate department.
Alias Group noted that the Avium closed-end mutual fund will allow investors to invest in a business center under construction at a discount and receive a stable income after leasing it. Nikolai Kazansky estimates the rental yield of Avium itself at 13–16% per annum. The possible potential for growth in rental rates will allow investors to receive an additional premium to profitability, adds Ivan Dranenkov, director of capital markets at IBC Real Estate. By the end of the year, rental rates in Moscow business centers will increase by 11% year-on-year, to 32.5 thousand rubles. for 1 sq. m per year, the expert calculated.
Tethys Capital Management Company, founded in 2010, specializes in the management of closed-end mutual funds; the company’s portfolio includes 48 funds. As of the end of 2023, 98.2% of Tethys Capital Management Company belonged to the company’s CEO Alexander Voronkov, as follows from SPARK. Until 2023, the organization was part of the Trinfico investment group.
The main asset of the Alias Group investment holding, founded by Boris Yunanov, is the development company Neometry (it builds mainly in the south of Russia). The developer commissioned 1.4 million square meters. m of real estate.
In conditions of critically low vacancies in Moscow business centers and high demand for such real estate, the office segment retains high investment attractiveness, notes Nikolai Kazansky. In addition, according to Ivan Dranenkov, due to the cooling of the warehouse market, many investors refocused on investing in office properties.
Investor interest in closed real estate mutual funds is also at a high level.
Nikolai Kazansky notes that developers are increasingly considering such funds not only as a tool for raising capital, but also as an opportunity to monetize large office projects. According to Mr. Dranenkov, at the end of the first half of this year, the share of acquisitions of real estate for subsequent packaging into closed-end mutual funds reached 20%, this is the maximum figure over the past ten years. According to expert estimates, office facilities within closed-end mutual funds accounted for 9 billion rubles in January-June, which is three times more year-on-year.
