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Income of 'Russian real estate kings' down 24% in 2020 — Forbes

The rating includes Russian and foreign companies that own commercial real estate in Russia

MOSCOW, January 28. / TASS /. The leaders of the Russian real estate market lost 24% of their revenues in 2020 year-on-year, according to the rating published by Forbes magazine on Thursday, titled "Kings of Russian real estate."

The rating includes 30 companies whose owners earn the most rental income from their properties. The rating includes Russian and foreign companies that own commercial real estate in Russia. Forbes calculated shopping center revenues based on leased space. Information for the calculations was provided to the publication by landlords, consulting companies, data from the SPARK information system and open sources were also used. "The rental income of the leaders of the Forbes rentiers rating has never fallen so dramatically. In 2019, owners of commercial real estate collected a total of $ 7.7 bln from their tenants, in 2020 - $ 5.8 bln. Minus 24%," the publication reports. According to Forbes, the drop in income is due, among other things, to the fact that shopping centers have not worked for several months, and hotel occupancy reached a minimum.

The first place in the rating for several years in a row has been taken by the group of companies "Kievskaya Square" owned Goda Nisanov and Zakhar Iliev. The company is one of the largest owners of commercial real estate in Russia and includes such projects as the Evropeyskiy shopping and entertainment center, Food City agro cluster, Depo Lesnaya gastronomic play and the Nagatinskaya transport hub, and is reconstructing the Olimpiyskiy sports and entertainment complex.

The company's rental income was $1.28 bln in 2020, according to Forbes. In second place in the ranking is Samvel Karapetyan's Tashir group, whose rental income, according to the newspaper, in 2020 amounted to $ 585 mln. Tashir unites more than 200 companies in various sectors of the economy, including construction, manufacturing, financial and energy industries, development, retail and entertainment. In third place is the Safmar group owned by Mikhail and Sait-Salam Gutseriev with an annual rental income of $460 mln. The largest locations of the group are the Moscow Marriott Grand Hotel and the Kaleidoscope shopping center. Ingka Centers (formerly IKEA Centers), which manages 45 shopping centers, including Mega Belaya Dacha, Mega Khimki and Mega Teply Stan, with an annual income of $ 330 mln and O1, owned by Valery Mikhailov and Pavel Vaschenko (annual income of $ 295 million) also made the Top-5 Kings of Russian real estate list. O1 bought the historic Telegraph building on Tverskaya Street in Moscow at an auction, when other bidders left the auction.