Revelation of St. Petersburg developer

Igor Leitis - a sort of St. Pete Carlson: flying in a helicopter, working in a small room in the loft overlooking the roofs of St. Petersburg and in Isa akievsky Cathedral. The hero of the book by Astrid Lindgren distinguishes him calm and seemingly gentle disposition. I can not believe that he managed to put together a multibillion-dollar state, becoming one of the largest developers in Russia. On the imperial ambitions of Igor Leitis say except that hung port retami Russian tsars wall cabinet. Analyzing the business tactics of quiet businessman, being similar to its kind. His first and still the biggest shopping and entertainment complex (TRC) at the metro station "Kupchino" began with a small plot of land, which is a businessman with a pair of partners have staked out for the future. Over the years the size of the area gradually grew to the extent that, as increased confidence in the eyes of officials to Igor Leytis and Napoleon's plans to build modern dispenser. From competitors trying to get rid painless - took in partners, while retaining control over the site. How to become developers. Igor Leytis in Soviet times, worked as a foreman and foreman at a construction site. Three-year stint in "Glavleningradstroe," and in 1989 joined the cooperative movement which began. Together with its partners, Leonid Polonsky (in 1993 moved to Israel) and Yevgeny Gurevich (and still remains a partner Igor Leytis) he created a building society "Industry", which is specialized in the repair of apartments. Later, the case has joined Mikhail Bazhenov (and still remains a partner). The deficit of building products has pushed partners to organize the supply of materials from neighboring Finland. Lack of liquidity in the early 1990s, forced to go to barter, offering materials for the work. - In Sortavala furniture and ski factory took a terrible quality furniture. She, in turn, sold for a pipe, and the third plant changed them to galvanized iron. At the state-owned enterprises that had money, but because of the shortage in the country could not take them anywhere to spend, we were doing construction work. For example, at "Turbostal" change communication, remodeled office space, built a recreation complex. Also worked in Anapa and Sukhumi on the objects of the company "Lengazspetsstroy" (until July 2008 belonged to "Gazprom". - "F."). Now all recall with a laugh, because so much effort and energy has been spent in vain. On the other hand, such as we have been thousands. And, perhaps, together, we were able to this machine to break the Soviet awkwardness. So we worked for three years until, in 1992 opened a store not to sell goods. Accumulated as the initial capital? - At the time, to accumulate capital was almost impossible. It is a vicious circle: on all earnings it was urgent to get the materials until they have increased in price, and the money received for work only on the basis of its performance. So we always had enough money to pay workers' wages, which had about 150 people. Still, some funds managed to save what we opened our first store on 8th Street Soviet. A little later came the trading house "Adamant." In 1992, with our friends, Arkady and Boris Teplitsky Berson (are co-owners of the holding company "Adamant." - "F."), we have organized in Sports-Concert Complex "Petersburg" commodity fair. Then he signed a contract for exclusive distribution of vodka McCormik, parallel traded shampoos, Finnish cuisine. Gradually started to expand the trade area, there was two more shops "Adamant" in St. Petersburg. When the then total trade deficit was very profitable. Here then we have earned the initial capital, which allowed us to develop further by investing in construction. And you have built his first shopping mall. - In 1994, we offered to build in a residential area Kupchino a small shopping complex, which consisted literally of two hangars. We had a friend when Vladimir Vysotsky, director of the first station in St. Petersburg service "Lada" in the Little Balkan Street in Kupchino. We carried on this station repairs plumbing and ventilation. Thanks to him we received our first project. The administration has allocated us a small piece of land in an eerie gadyushnike near metro "Kupchino" - with stalls, mud, terrible to imagine. We, in turn, promised to restore order there. Vladimir spoke to our companion. Unfortunately, he was already dead, but his son, Victor continues to work with us. Since the object was large by the standards then, the money for its implementation was not enough, as a partner, we have attracted construction company SU-308. That's how we built our first shopping complex. From crisis to crisis. The second object "Adamant", like the first, there was a chance, and again near the metro station - the first floor of an apartment house on Prospect Engels, opposite the "Enlightenment." It was an unfinished house, which was built the company "SWC Story", which attracts young people in the Soviet period for construction work in exchange for housing. "Adamant" bought the non-residential ground floor, and six months before the 1998 crisis, there has opened its second facility. Then came a shopping complex near the metro station "Pioneer" - "Airport" - an area of ​​about 7 thousand square meters. meters. With a portfolio of three objects, the company came to a crisis in 1998. How to survive the crisis? - The main problem, which if all are facing - the growth of exchange rates. Have difficulty with currency conversion in Cash as through banks is generally not possible to do. Like everything else, with the losses, but survived. Any crisis clears, and we even made a good purchase. So, bought the plant, "a young drummer" on the highway and Gluhoozerskom the Sverdlov plant in Mineral Street, which was rather dilapidated area with shops. There, we have created a production - glass, concrete, kitchen, aluminum and others who are still working successfully. Then we were one of the few who organized the old factory sites new production. While the company did not need anyone: crumbling Soviet-era items bought only for speculation. Although at that time no one imagined that bought for $ 100 per square meter in a few years can dramatically increase in price. For example, in 1995, we acquired Ligovsky avenue built premises on the ground floor for $ 310 thousand And after 7 years the company sold its "McDonald's" 10 times more expensive. No one could not imagine that there will be a jump in prices. After the crisis of 1998, began active growth "Adamant." The company is increasingly on investusloviyah received from the city land at subway stations, where most concentrated stream of buyers. There were rumors of a privileged position in the Smolny, in the administration of St. Petersburg metro. So, Igor Leitis still is a member of the famous St. Petersburg club of fishing, headed by Alexander Vakhmistrov, former vice-governor of St. Petersburg in charge of the construction industry of the city (now General Director of "LSR"). Also, "Adamant" was actively negotiating with the owners of land, most of which again was in the immediate vicinity of the metro stations. As a rule, the land is not redeemed, and developed in conjunction with the original of its owner. Thus, the developer has constructed at the site of "Temp", taking her as a partner, at the metro station "Ladoga" shopping mall "Zanevsky." It was at that time in full color and firm opened adamantovskaya tactics when the development of a small area leading to larger projects. For example, after the construction of shopping and entertainment complex "Warsaw Express" on Obvodny channel developer has agreed with the company "Zheldoripoteka" (daughter of Railways) on the joint development almost 50 hectares - the so-called "Izmailovo prospects", located just behind the new dispenser. It is true that the project had to slow down because of the crisis. In the development of the company and changed its structure. "Adamant" has become a major holding company, which includes dozens of legal entities. Each shopping center - a separate legal entity with multiple owners, partners. The company, which owns the SEC in Kupchino, about 18 property owners. The head structure of the holding company "Adamant", which controls all the shopping malls, manufacturing, retail assets, remains unchanged and is owned by Igor Leytis, Yevgeny Gurevich, Mikhail Bazhenov, Boris Berson, Arcadia Teplice, Alexei Gnesin and Anatolia Marinicheva. The latter, incidentally, since 2002, is deputy director of capital construction and investment company "Gazprom Mezhregiongaz" and a member of the Board of Directors of OAO "Gazprom Regiongaz." For 10 years, at the beginning of a new crisis, the company "Adamant" managed to become the largest developer in St. Petersburg commercial real estate with a portfolio of almost 800 thousand square meters. meters. However, as any Russian developer that develops at the expense of borrowed funds, in the middle of 2008, the company faced a liquidity problem. Growth rates on loans and debt repayment problems halted the development of new projects. How to survive the crisis of 2008-2009? - Firstly, we have completely eliminated the investment program. Within two years, virtually nothing has been built, but only accumulated funds and return the debt. Last year we built another building retail and entertainment complex (TRC) "Balkan" in Kupchino, and in early 2011 introduced some shopping and entertainment complex "Ligov" to bypass channels, which is located in the building of a new metro station. Second, working with the creditor banks, which have four - Sberbank, VTB, "St. Petersburg" and Alpha Bank. The latter behaved in the most severely. On the other failed to agree on debt restructuring, some were able to extinguish it. Including payment of a bond loan of 2 billion rubles. However, even in a crisis we did not set the task to sell items for loan repayment. Although we sold one of the buildings of shopping center near the metro station "Academic" - Furniture Center "Great" - but only because we were offered the money from which it is impossible to refuse (the buyer was a company Fort Group, which is associated with top managers' Gazprom ", it also acquired all the assets of the St. Petersburg developer," Macrocosm ", controlled by the founder of the network" Pyaterochka "Andrei Rogachev -" F. "). During the crisis, we managed to reduce its loan portfolio by 35% - from $ 600 million to the current $ 380 million reduced rates to tenants? - Current rates for anchor tenants start at $ 300-400 per square meter per year, from small retailers can reach an annual rate of $ 2 thousand Cinema and can rent for $ 180-200. But the stakes are no reduced, although did point, seasonal discounts. Number of vacant space you have changed? - Since all of our shopping centers are located in successful places for a year of free space we have almost none. In 2009, vacancies were formed due to the fact that "died" several large retail chains (stores appliances 'Mir', baby products, "Banana-Mama." - "F."). Developing, they are not counted current earnings, and worked on capitalization. But they were very quickly filled the niche of others. Today, we have filled 99.8% of the area. The crisis has even helped us - we will qualitatively improve the structure of the tenants. Those who are unstable on his feet, we shifted to short-term contract, providing a 30% discount. At the same time warned that, if in their place we find another tenant, they must vacate the area during the month. For example, in 2010 we changed all weaker tenants - about 7-8%. However, we have not abandoned the placement of small tenants. At the time, Moscow's advisers blamed us for what we are old and dusty, that many of our shopping malls small private businesses occupy the area of ​​30-40 square meters. meters. But in the crisis they have been the most stable - their rotation was a maximum of 1-2% of the total number of tenants. Probably because during the crisis was the most popular ekonomsegment? - Yes, especially since the current strategy of the company includes the construction of shopping complexes, aimed at both private entrepreneurs and by major operators, retailers. What are the trends, in addition to rent retail space, generate the most revenue? - Building Division, but they are very much sunk in crisis - worked almost to zero. This is a concrete plants, production of aluminum glazing, kitchens, monolithic house-building ("Adamant-system"). Two years no one actually did not build, and up to 60% of production we have been focused on the external customer. Were forced to cut workers - up to 15-20%. But, I think, will soon begin to type. So, our "Russian Glass Company" (eight manufacturing facilities in six cities in Russia) in the second half of 2010 was quickly out of the crisis. In particular, opened a new processing plant in the village Pargolovo glass in the Leningrad region. And as developing retail area, which is responsible for Eugene Gourevitch? - Previously, there was an allocation of responsibilities, but now everyone is engaged in a specially created management company. We meet once a month, summing up the intermediate results, plans are forming for directions. Discuss global issues every year. However, the crisis moved to the operational management of companies, since there are many financial issues that require our intervention. Thus, we have suffered great losses due to conversion of loans. For example, loans for the development of network products for the home, "Brownie" were taken in dollars. Once the crisis hit and the dollar exchange rate reached 35 rubles, we fear its further growth and recurrence of the situation in 1998, quickly prokonvertirovali credit. And then suddenly the dollar dropped to 30 rubles. Before the crisis loan "Brownie," a $ 10 million at 10% per annum costing us annually in overpayments for interest $ 1 million (about 230 million rubles at the rate of mid-2008), after conversion into rubles rate was 17% and, thus, We have already paid 350 million rubles. This is the greatest losses we have suffered during the crisis. That's why you have decided to sell "houses" of "Start Development" Zahara Smushkin (co-owner of the timber "Ilim")? - No! Any business requires the development of, or increase in costs will "eat" profit. Unfortunately, we have development in the regions did not work. Tell us about the financial results for 2010. - We crossed the pre-crisis level of 7% in dollar terms. This was aided by competent policy object management - adjustment of tenant rent increase. Revenues amounted to 15.21 billion rubles, net profit - 2.84 billion, EBITDA - 4,96 billion rubles. The current debt load, as I said, no more than $ 380 million What plans do you have for the next two or three years? - In the manufacturing sector plan to expand the glass business, in particular, production of glass. While plans for the coming year and a half - the construction of two glass factories. In one case, it would expand an existing enterprise in the Yaroslavl region with increasing current production by 2 times in the second - building a new factory complex near Moscow, which will be divided into several queues. The total investment in the project will reach 18 million euros. In property development, we have developed two and a half year investment program, which involves the construction of five shopping centers and one office center with total area of ​​432 thousand square meters. meters. For example: the total area of ​​existing shopping and entertainment complexes "Adamant" - 800 thousand square meters. meters. In February 2011 we began construction of the first object. The total investment is estimated at 12.6 billion rubles ($ 410 million). In your opinion, the crisis is over? - No, not yet ended. Begins inflating the next bubble. Banks have nowhere to invest because there is no real economy, where they could invest their money. For example, we are new sites for three years, but only now coming to the stage of obtaining a building permit. We have already invested 3.3 billion rubles, with a fixed interest rate, but in fact still do not. The real economy has not yet earned. I have just brightened ekonomzhilya construction, where the state has invested a huge amount of federal money. But everything else - in a bad condition. These 12.6 billion rubles will you borrow? The crisis did not change your attitude to borrowing? Igor Leitis - a sort of St. Pete Carlson: flying in a helicopter, working in a small room in the loft overlooking the roofs of St. Petersburg and in Isa akievsky Cathedral. The hero of the book by Astrid Lindgren distinguishes him calm and seemingly gentle disposition. I can not believe that he managed to put together a multibillion-dollar state, becoming one of the largest developers in Russia. On the imperial ambitions of Igor Leitis say except that hung port retami Russian tsars wall cabinet. Analyzing the business tactics of quiet businessman, being similar to its kind. His first and still the biggest shopping and entertainment complex (TRC) at the metro station "Kupchino" began with a small plot of land, which is a businessman with a pair of partners have staked out for the future. Over the years the size of the area gradually grew to the extent that, as increased confidence in the eyes of officials to Igor Leytis and Napoleon's plans to build modern dispenser. From competitors trying to get rid painless - took in partners, while retaining control over the site. How to become developers. Igor Leytis in Soviet times, worked as a foreman and foreman at a construction site. Three-year stint in "Glavleningradstroe," and in 1989 joined the cooperative movement which began. Together with its partners, Leonid Polonsky (in 1993 moved to Israel) and Yevgeny Gurevich (and still remains a partner Igor Leytis) he created a building society "Industry", which is specialized in the repair of apartments. Later, the case has joined Mikhail Bazhenov (and still remains a partner). The deficit of building products has pushed partners to organize the supply of materials from neighboring Finland. Lack of liquidity in the early 1990s, forced to go to barter, offering materials for the work. - In Sortavala furniture and ski factory took a terrible quality furniture. She, in turn, sold for a pipe, and the third plant changed them to galvanized iron. At the state-owned enterprises that had money, but because of the shortage in the country could not take them anywhere to spend, we were doing construction work. For example, at "Turbostal" change communication, remodeled office space, built a recreation complex. Also worked in Anapa and Sukhumi on the objects of the company "Lengazspetsstroy" (until July 2008 belonged to "Gazprom". - "F."). Now all recall with a laugh, because so much effort and energy has been spent in vain. On the other hand, such as we have been thousands. And, perhaps, together, we were able to this machine to break the Soviet awkwardness. So we worked for three years until, in 1992 opened a store not to sell goods. Accumulated as the initial capital? - At the time, to accumulate capital was almost impossible. It is a vicious circle: on all earnings it was urgent to get the materials until they have increased in price, and the money received for work only on the basis of its performance. So we always had enough money to pay workers' wages, which had about 150 people. Still, some funds managed to save what we opened our first store on 8th Street Soviet. A little later came the trading house "Adamant." In 1992, with our friends, Arkady and Boris Teplitsky Berson (are co-owners of the holding company "Adamant." - "F."), we have organized in Sports-Concert Complex "Petersburg" commodity fair. Then he signed a contract for exclusive distribution of vodka McCormik, parallel traded shampoos, Finnish cuisine. Gradually started to expand the trade area, there was two more shops "Adamant" in St. Petersburg. When the then total trade deficit was very profitable. Here then we have earned the initial capital, which allowed us to develop further by investing in construction. And you have built his first shopping mall. - In 1994, we offered to build in a residential area Kupchino a small shopping complex, which consisted literally of two hangars. We had a friend when Vladimir Vysotsky, director of the first station in St. Petersburg service "Lada" in the Little Balkan Street in Kupchino. We carried on this station repairs plumbing and ventilation. Thanks to him we received our first project. The administration has allocated us a small piece of land in an eerie gadyushnike near metro "Kupchino" - with stalls, mud, terrible to imagine. We, in turn, promised to restore order there. Vladimir spoke to our companion. Unfortunately, he was already dead, but his son, Victor continues to work with us. Since the object was large by the standards then, the money for its implementation was not enough, as a partner, we have attracted construction company SU-308. That's how we built our first shopping complex. From crisis to crisis. The second object "Adamant", like the first, there was a chance, and again near the metro station - the first floor of an apartment house on Prospect Engels, opposite the "Enlightenment." It was an unfinished house, which was built the company "SWC Story", which attracts young people in the Soviet period for construction work in exchange for housing. "Adamant" bought the non-residential ground floor, and six months before the 1998 crisis, there has opened its second facility. Then came a shopping complex near the metro station "Pioneer" - "Airport" - an area of ​​about 7 thousand square meters. meters. With a portfolio of three objects, the company came to a crisis in 1998. How to survive the crisis? - The main problem, which if all are facing - the growth of exchange rates. Have difficulty with currency conversion in Cash as through banks is generally not possible to do. Like everything else, with the losses, but survived. Any crisis clears, and we even made a good purchase. So, bought the plant, "a young drummer" on the highway and Gluhoozerskom the Sverdlov plant in Mineral Street, which was rather dilapidated area with shops. There, we have created a production - glass, concrete, kitchen, aluminum and others who are still working successfully. Then we were one of the few who organized the old factory sites new production. While the company did not need anyone: crumbling Soviet-era items bought only for speculation. Although at that time no one imagined that bought for $ 100 per square meter in a few years can dramatically increase in price. For example, in 1995, we acquired Ligovsky avenue built premises on the ground floor for $ 310 thousand And after 7 years the company sold its "McDonald's" 10 times more expensive. No one could not imagine that there will be a jump in prices. After the crisis of 1998, began active growth "Adamant." The company is increasingly on investusloviyah received from the city land at subway stations, where most concentrated stream of buyers. There were rumors of a privileged position in the Smolny, in the administration of St. Petersburg metro. So, Igor Leitis still is a member of the famous St. Petersburg club of fishing, headed by Alexander Vakhmistrov, former vice-governor of St. Petersburg in charge of the construction industry of the city (now General Director of "LSR"). Also, "Adamant" was actively negotiating with the owners of land, most of which again was in the immediate vicinity of the metro stations. As a rule, the land is not redeemed, and developed in conjunction with the original of its owner. Thus, the developer has constructed at the site of "Temp", taking her as a partner, at the metro station "Ladoga" shopping mall "Zanevsky." It was at that time in full color and firm opened adamantovskaya tactics when the development of a small area leading to larger projects.

For example, after the construction of shopping and entertainment complex "Warsaw Express" on Obvodny channel developer has agreed with the company "Zheldoripoteka" (daughter of Railways) on the joint development almost 50 hectares - the so-called "Izmailovo prospects", located just behind the new dispenser. It is true that the project had to slow down because of the crisis. In the development of the company and changed its structure. "Adamant" has become a major holding company, which includes dozens of legal entities. Each shopping center - a separate legal entity with multiple owners, partners. The company, which owns the SEC in Kupchino, about 18 property owners. The head structure of the holding company "Adamant", which controls all the shopping malls, manufacturing, retail assets, remains unchanged and is owned by Igor Leytis, Yevgeny Gurevich, Mikhail Bazhenov, Boris Berson, Arcadia Teplice, Alexei Gnesin and Anatolia Marinicheva. The latter, incidentally, since 2002, is deputy director of capital construction and investment company "Gazprom Mezhregiongaz" and a member of the Board of Directors of OAO "Gazprom Regiongaz." For 10 years, at the beginning of a new crisis, the company "Adamant" managed to become the largest developer in St. Petersburg commercial real estate with a portfolio of almost 800 thousand square meters. meters. However, as any Russian developer that develops at the expense of borrowed funds, in the middle of 2008, the company faced a liquidity problem. Growth rates on loans and debt repayment problems halted the development of new projects. <<>> How to survive the crisis of 2008-2009? - Firstly, we have completely eliminated the investment program. Within two years, virtually nothing has been built, but only accumulated funds and return the debt. Last year we built another building retail and entertainment complex (TRC) "Balkan" in Kupchino, and in early 2011 introduced some shopping and entertainment complex "Ligov" to bypass channels, which is located in the building of a new metro station. Second, working with the creditor banks, which have four - Sberbank, VTB, "St. Petersburg" and Alpha Bank. The latter behaved in the most severely. On the other failed to agree on debt restructuring, some were able to extinguish it. Including payment of a bond loan of 2 billion rubles. However, even in a crisis we did not set the task to sell items for loan repayment. Although we sold one of the buildings of shopping center near the metro station "Academic" - Furniture Center "Great" - but only because we were offered the money from which it is impossible to refuse (the buyer was a company Fort Group, which is associated with top managers' Gazprom ", it also acquired all the assets of the St. Petersburg developer," Macrocosm ", controlled by the founder of the network" Pyaterochka "Andrei Rogachev -" F. "). During the crisis, we managed to reduce its loan portfolio by 35% - from $ 600 million to the current $ 380 million reduced rates to tenants? - Current rates for anchor tenants start at $ 300-400 per square meter per year, from small retailers can reach an annual rate of $ 2 thousand <<>> Cinema and can rent for $ 180-200. But the stakes are no reduced, although did point, seasonal discounts. Number of vacant space you have changed? - Since all of our shopping centers are located in successful places for a year of free space we have almost none. In 2009, vacancies were formed due to the fact that "died" several large retail chains (stores appliances 'Mir', baby products, "Banana-Mama." - "F."). Developing, they are not counted current earnings, and worked on capitalization. But they were very quickly filled the niche of others. Today, we have filled 99.8% of the area. The crisis has even helped us - we will qualitatively improve the structure of the tenants. Those who are unstable on his feet, we shifted to short-term contract, providing a 30% discount. At the same time warned that, if in their place we find another tenant, they must vacate the area during the month. For example, in 2010 we changed all weaker tenants - about 7-8%. However, we have not abandoned the placement of small tenants. At the time, Moscow's advisers blamed us for what we are old and dusty, that many of our shopping malls small private businesses occupy the area of ​​30-40 square meters. meters. But in the crisis they have been the most stable - their rotation was a maximum of 1-2% of the total number of tenants. Probably because during the crisis was the most popular ekonomsegment? - Yes, especially since the current strategy of the company includes the construction of shopping complexes, aimed at both private entrepreneurs and by major operators, retailers. <<>> What are the trends, in addition to rent retail space, generate the most revenue? - Building Division, but they are very much sunk in crisis - worked almost to zero. This is a concrete plants, production of aluminum glazing, kitchens, monolithic house-building ("Adamant-system"). Two years no one actually did not build, and up to 60% of production we have been focused on the external customer. Were forced to cut workers - up to 15-20%. But, I think, will soon begin to type. So, our "Russian Glass Company" (eight manufacturing facilities in six cities in Russia) in the second half of 2010 was quickly out of the crisis. In particular, opened a new processing plant in the village Pargolovo glass in the Leningrad region. And as developing retail area, which is responsible for Eugene Gourevitch? - Previously, there was an allocation of responsibilities, but now everyone is engaged in a specially created management company. We meet once a month, summing up the intermediate results, plans are forming for directions. Discuss global issues every year. However, the crisis moved to the operational management of companies, since there are many financial issues that require our intervention. Thus, we have suffered great losses due to conversion of loans. For example, loans for the development of network products for the home, "Brownie" were taken in dollars. Once the crisis hit and the dollar exchange rate reached 35 rubles, we fear its further growth and recurrence of the situation in 1998, quickly prokonvertirovali credit. <<>> And then suddenly the dollar dropped to 30 rubles. Before the crisis loan "Brownie," a $ 10 million at 10% per annum costing us annually in overpayments for interest $ 1 million (about 230 million rubles at the rate of mid-2008), after conversion into rubles rate was 17% and, thus, We have already paid 350 million rubles. This is the greatest losses we have suffered during the crisis. That's why you have decided to sell "houses" of "Start Development" Zahara Smushkin (co-owner of the timber "Ilim")? - No! Any business requires the development of, or increase in costs will "eat" profit. Unfortunately, we have development in the regions did not work. Tell us about the financial results for 2010. - We crossed the pre-crisis level of 7% in dollar terms. This was aided by competent policy object management - adjustment of tenant rent increase. Revenues amounted to 15.21 billion rubles, net profit - 2.84 billion, EBITDA - 4,96 billion rubles. The current debt load, as I said, no more than $ 380 million What plans do you have for the next two or three years? - In the manufacturing sector plan to expand the glass business, in particular, production of glass. While plans for the coming year and a half - the construction of two glass factories. In one case, it would expand an existing enterprise in the Yaroslavl region with increasing current production by 2 times in the second - building a new factory complex near Moscow, which will be divided into several queues. <<>> The total investment in the project will reach 18 million euros. In property development, we have developed two and a half year investment program, which involves the construction of five shopping centers and one office center with total area of ​​432 thousand square meters. meters. For example: the total area of ​​existing shopping and entertainment complexes "Adamant" - 800 thousand square meters. meters. In February 2011 we began construction of the first object. The total investment is estimated at 12.6 billion rubles ($ 410 million). In your opinion, the crisis is over? - No, not yet ended. Begins inflating the next bubble. Banks have nowhere to invest because there is no real economy, where they could invest their money. For example, we are new sites for three years, but only now coming to the stage of obtaining a building permit. We have already invested 3.3 billion rubles, with a fixed interest rate, but in fact still do not. The real economy has not yet earned. I have just brightened ekonomzhilya construction, where the state has invested a huge amount of federal money. But everything else - in a bad condition. These 12.6 billion rubles will you borrow? The crisis did not change your attitude to borrowing? - For own funds such amount of retail space we do not build because the payback period in our business from just 7-8 years. In addition, the loans are much cheaper now than even before the crisis. If the earlier rates were 11-12%, but now the banks are offering us loans at 8% per annum. <<>> The main thing that gave us this crisis - the demand for real estate "Adamant" is very high: there have been many proposals for the purchase of our shopping centers from investors, including Western ones. We ourselves pension fund - small but with a stable monthly income. Igor, do you agree with the assessment of your personal wealth at $ 320 million for the ranking of billionaires "F."? - Never really thought about it. In my opinion, a very subjective evaluation. If the estimate of income, the amount will probably lower. And if, by the speculative value, for example, combining all the real estate fund and its shares are sold, probably more. And if the existing projects planned to add 400 thousand square meters. meters, a couple of projects in zagashnike - then clearly exceed this amount. But we have never evaluated our state because they have never built objects for sale. This is no time for the IPO. And, nevertheless, in mid-2009, in the midst of crisis, in an interview to "Business Petersburg" said Igor Leytis plans to consolidate the assets and the IPO in 3-4 years. Market participants even talked about the hired consultants. Similar statements were two-fold: on the one hand, showed the need of money, on the other - talking about the readiness of "Adamant" finally understand the structure of shareholders, making the company more transparent. But then the consultants, it never moved. - We have decided for ourselves: we do not need, because we follow the strategy of trading platforms for lease. <<>> If we were building a market-specific operator, when invested $ 1.2 thousand per square meter, we would sell it for $ 1.8-1.9 thousand, and then the cap would be important, relevant and IPO . For example, Mr. Tchigirinski bought the land and presented to potential investors: "Build a 2 million square here. meters of dwelling at cost $ 1 thousand per square meter, and selling for $ 2 thousand. " Western funds went crazy with joy when she saw a 100 percent profit. He is "PR" in the media, trying to placement, and then it led to a well-known all over. Igor's Leitis particular relevance to Shalva Chigirinsky. In 2008, the Moscow businessman bought for $ 28.4 million from the developer's building in St. Petersburg store "Passage" on Nevsky Prospect in St. Petersburg. Under the deal, Shalva Chigirinsky laid 53.15% shares of "New Laskin," on the balance of which contained more than 260 hectares of land in the Kaliningrad Region (book value of shares in the company - $ 5.3 million). Subsequently, the Moscow businessman and has not paid the promised sum Igor Leytis, and the structure of "Adamant» Edimax Ltd appealed to the courts. In summer 2009, the suit was arrested Edimax Moscow apartment of Mr. Chigirinsky (339.7 square meters. Meters) in Romanov Pereulok, and in spring 2010, the company charged the mortgaged land near Kaliningrad. Managed to get the assets? - Sue and get - two different things. We signed the settlement agreement, as it turned out that Shalva Chigirinsky must not only us but also the structure of bank VTB, Sibir Energy, and others.