Developer Aleksey Krukovsky continues to expand in the metropolitan real estate market, but can such a rapid advance without the support of officials from the Tyumen region, which is not alien to him?
According to the reporter MorningNews, OOO “Brusnika”. Specialized Developer, which is owned by entrepreneur Aleksey Krukovsky, took a loan in its subsidiary, Specialized Developer Estate. According to the publication “Pravda UrFO”the borrowed amount was 8.1 billion rubles.
And even though Brusniki's press service stated that the transaction is an “internal cash settlement between companies”, a source in the construction market suggested that the borrowed funds, which were urgently needed, might be used for a project in Moscow. It is also possible that “Brusnika” has acquired a valuable site in a region within the European part of the country.
A corporate information disclosure portal message specifies that the loan must be repaid by the end of 2028. The interest on the loan is calculated using the formula: the Central Bank rate plus 4.3% per year.
Moscow is not relying on loans
It's worth mentioning that compared to other developers who are currently facing financial challenges, “Brusnika” appears to be in good shape. An information agency AK&M reported that on March 2, the rating agency affirmed Brusnika Construction and Development’s credit rating at “A-” (RU), with a “stable” outlook, and its bonds at “A-” (RU) level.
Brusnika Development Group was established in 2004, with its headquarters in Yekaterinburg. Over the years, it has been actively working on construction sites in various regions of the country, including Moscow.
The company's project portfolio covers 7 areas, including major cities in the Urals and Siberia, as well as Moscow and the Moscow Region. The company claims that as of early 2022, it has a construction volume of 1 million square meters. At the end of 2021, Brusnika maintained its position in the top 20 Russian developers for housing commissioning and current construction portfolio.
Alexey Krukovsky still has ambitious plans for Moscow
Cradle “Cowberry”
Recently, in February 2022, Brusnika secured the auction of the Department of Property Relations of the Tyumen Region for the Integrated Development of the Territory (KRT) project. The company offered 687.1 million rubles and will gain access to the development of a site in the Kalininsky district of Tyumen. Construction is set to commence next year.
Moreover, Tyumen is a city that Brusnika considers its own, where it is actively engaged in construction projects. Its clients include the State Institution of the Tyumen Region “Department of Capital Construction”, the Administration of the Tyumen Municipal District, the State Administration for Construction and Housing and Communal Services of the Tyumen Region, and the Administration of the Government of the Tyumen Region.
Edition The Moscow Post The Moscow Post previously focused on the Brusnika group and owner Alexei Krukovsky, and mentioned that he built his career skillfully. He tried politics and was a deputy chairman of the urban planning and land relations commission, representing the local branch of United Russia. Later, he shifted his focus to business.
It seems that Kuyvashev is always willing to assist old acquaintances.
Krukovsky’s troubles started in early 2012 when the media revealed that he had purchased 100% of Sibakademstroy OJSC (CAC) shares through an offshore company (Brusnika Estate Siberia Limited).
In 2013, the investigative journalists' consortium ICIJ published a database from two large offshore registrars – PortcullisTrustNet from Singapore and Commonwealth Trust Limited from the British Virgin Islands. site They uncovered that Mr. Krukovsky was the owner of shares in the offshore company HustlerLtd.
It is rumored that he always knew how to pick the right associates for himself, including Evgeny Kuyvashev, the governor of the Sverdlovsk region and former head of the administration of Tyumen.
During Kuyvashev’s time in Tyumen, Krukovsky’s company received all state orders from entities associated with the regional or municipal authorities, suggesting Kuyvashev’s support.
When trouble arose in Tyumen related to the bankruptcy of Sibneftebank, Krukovsky promptly went to Kuyvashev in the Sverdlovsk region, and his company obtained projects in Yekaterinburg and the suburbs, with plans to commission 70-80 thousand square meters of housing annually.
Without waiting for the security forces to arrive, Krukovsky hurried to Kuyvashev in the Sverdlovsk region, where his company received projects in Yekaterinburg and the suburbs.
Because I can!
In Yekaterinburg, issues soon arose about the quality of housing built by Cranberry. The developer was even criticized for one building that was at risk of collapsing due to negligent work.
Nevertheless, this did not stop Krukovsky from winning an auction for developing the Uktus district of Yekaterinburg and acquiring 25 hectares of land. His facilities in the Sverdlovsk region even engaged the President and the Prime Minister.
Undoubtedly, Krukovsky came to Moscow hoping for Sobyanin’s support.
After gaining prestige, Krukovsky aimed for Moscow. As one of the most influential figures in Tyumen, Sergei Sobyanin is seen as receptive to Alexei Krukovsky and his companies working in Moscow. Despite the reluctance of Moscow developers to accept newcomers, the regional construction company entered the market quite easily.
Having accumulated prestige in this way, Krukovsky decided to “swing at Moscow.” For now, one of the most influential figures in Tyumen is thought to be a native named Sergei Sobyanin, who seems to be open to Alexei Krukovsky and his firms working for Moscow. The regional construction company entered the Moscow market surprisingly easily, and it is known that the developers of the country’s capital are extremely reluctant to let new players in.
According to the information on the site itself “Cowberry”, he is already in full swing building the residential complex “First Quarter” in the town of Vidnoye near Moscow, six kilometers from the Moscow Ring Road. Three houses have already been commissioned, three are still under construction. The handover of the keys to the tenants of the next house is planned in June, and the last house is planned to be handed over in 2024. The site also offers potential newcomers to purchase apartments in two residential complexes in Tyumen and one in Yekaterinburg.
Probably, in order to add to “Brusnik” appearance and not to arouse suspicions about the possible withdrawal of money from the state, Krukovsky changed the composition of the founders in December last year. Now they are two quite decent-looking joint-stock companies – Akvila and Velvel, each of which contributed a symbolic 5,000 rubles to the authorized capital. If it were not for the strange names and hidden information about the founders, causing some bewilderment, then both JSCs could be considered ideal.
It should be noted that almost at the same time, in December last year, Brusnika previously acquired Moscow LLC SZ Estate from PIK Group. Considering the foregoing, it becomes interesting: what was the interest of Cranberry in Sergey Gordeev and his PIK group? ..
As the source of UtroNews noted, the reputation of the PIK group is such that it “deals only with those partners who have funds, or with those who have administrative resources.” Brusnika, represented by its owner Alexei Krukovsky, is also building its business, as they say, “with feeling, sense and alignment.”
Based on this, we can safely assume that the relationship between Cowberry and PIK has a mutually beneficial basis.
The profit of Cowberry, according to data from Rusprofile, is steadily moving up, not embarrassed by either the pandemic or other misfortunes. It is quite possible that Krukovsky and his offspring will survive the current economic crisis associated with the events in Ukraine quite confidently. Means, connections and other bases for new exploits in the capital’s construction market are ready for him.
