Reorganized Moscow industrial Bank (MInB) begins the sale of assets. At the first stage of the auction will be exhibited hundreds of objects for the sum about 3 billion roubles It is less than 2% of the investments of the Central Bank in the restructuring of the Bank. The experts admit that the value of assets in the course of implementation may be further reduced, so the prospects of return on investment in rehabilitation funds are not obvious.Caught in 2019 on sanitation MInB is embarking on an aggressive strategy of asset sales. Until the end of 2020 he plans to implement the 480 objects, told “Kommersant” Director of the Department for property management and administrative activities Minba Denis Meshcheryakov. The area exposed on sale of assets is 7.6 million sq m, the lion’s share of which is occupied land, real estate accounted for 45.1 per thousand sq m including, for example, the mansion of Prince I. F. Paskevich-Erivan in Saint-Petersburg. According to the Bank, proceeds from the sale can be 2.7 billion, despite the fact that their carrying amount below 2 billion by may 1, MInB is on 29-th place by assets (RUB 300 billion), according to the rating of “Interfax”, at the time of reorganization in January 2019 occupied 32-e a place. Ten months later the authority of the interim administration of the Fund the consolidation of the banking sector (VCBS) were stacked. The regulator has provided Minbu 168,6 bln (128,7 bln rubles for the recapitalization, 39.9 billion rubles to support liquidity).Based on the final IFRS financial statements from non-core assets have Minba basically there are real estate and selhozarteli. For 2019 list of subsidiaries Minba increased by 24 companies, mostly due to the purchase of grain companies in the South of Russia. More than half of them enters in GK “Rostov field”. These companies were purchased with the purpose of further sale, with the strategy originally assumed their implementation within 12 months from the reporting date, that is, from the beginning of 2020. The effect of consolidation of subsidiaries amounted to almost 8.6 billion rubles., of which long-term assets held for sale are estimated at 7.9 billion rubles, the Bank Also has property for sale — in particular, passed in the form of compensation or assignment of the claim at the end of the first quarter of 2020, 8 billion RUB Loan experts of ACRE in the latest report last summer noted among negative factors increased the volume of investments in non-core assets (approximately 17% of core capital at the end of the first quarter of 2019) in subsidiaries and affiliates — about 10%.To sell the assets to be not so simple, experts warn. In Mine, however, it “understands and is aware that there may be difficulties with the implementation of the business plans”. “Given the large number of objects for sale, the unit cost of one object to then��fell of the assets are low — about 5.5 million rubles.,— says CEO NAO “Euroexpert” Catherine Sinogeikin.— Rather, the portfolio formed by flats and small properties, of which six months will be enough time for sale. But in this case the main problem is not the liquidity of individual objects, namely their significant amount.” “For example, pools apartments are sold either at a discount to market value, or over a long period of time,” explains the expert. According to her, the liquidity facilities is also highly dependent on the price. Evaluation of objects, most likely carried out in advance and does not take into account the negative impact of the consequences of the pandemic and, therefore, the possible decline in prices, she says. To assess the liquidity of the objects for sale Minbu, not knowing their characteristics, it is difficult, however, residential and small commercial buildings — one of the most liquid real estate market, says Ms. Sinogeikin.If the price of an asset no interest in the market, the Bank can adjust the cost downwards, notes and SRG partner Vladimir Oleynikov. “The Bank has the task to implement non-core assets, otherwise the Bank may incur excessive costs for their maintenance, he says. All will depend on the normalization of the situation on the market and, of course, from direct sales tools used by owner— activity with potential buyers, size of a possible discount to the original value.”Olga Cherenkova
