Management team Finam waives the pre-crisis plans for the acquisition of agricultural land, including their undervalued assets and predicting a significant increase in land values in the coming years. Investment Company intends to finalize a deal this year on seven hectares in the Rostov region, which are pledged with a bank.
In addition, the purchase of agricultural pledged assets will be directed funds received up to doprazmescheniya shares FTRA Finam - Capital investments and sales of commercial real estate in Moscow. Experts believe the investment company forecasts regarding the growth of asset value of the land FTRA overly optimistic.
As reported yesterday at a press conference the president of holding "Finam" Vladislav Kochetkov, the assets of a closed unit investment fund Finam - Capital investments "would be increased due to the acquired in the Rostov and Krasnodar regions of farmland.
According to him, will be soon completed the acquisition are pledged to a bank in 7 thousand hectares of farmland in Bagaevskom district of Rostov region.
In general, the results of the volume of land holdings Finam in the region increased from 3 hectares to 15 hectares (mostly - grain area), and about 12 thousand hectares of the holding owns the Krasnodar region. The company plans to growth - land assets of the Fund for a further 30 thousand hectares.
Buying up land in the south of the investment company was engaged before the crisis by acquiring small plots of farmers. In 2009-2010, Finam switched to collateral assets. Which banks are preparing the transaction, Mr. Kochetkov said no, noting that "negotiations are ongoing with several regional and federal agencies, and the price at which purchased the land from the banks, comparable to the market." According to his information, the cost of agricultural land in the Rostov region is on average 20-30 thousand rubles / ha, to the transaction in Bagaevskom area reaches 35-40 thousand rubles per hectare.
Land Management land fund company leases the agricultural enterprises at 8-12% per annum of the value of the land that farms can pay in kind. Pay an annual yield is half collected from the areas of rent, the rest is invested in new assets. In this year, said Mr. Kochetkov, pledged to buy up land will also be sent by means of doprazmescheniya shares FTRA Finam - Capital investments (about 360 million rubles.) And the sale of one of the office buildings in Moscow - at the Warsaw Highway (about 300 mln.).
At the same time managing the fund company intends to continue to completely abandon the commercial real estate, focusing on the management of the southern agrarian assets. According to analysts of the Criminal Code, the cost of South Russian agricultural land is underestimated by several times in the next 3-5 years, their market price can reach $ 4-5 thousand per hectare.
CUIT Finam - Capital investments manages LLC Management company Finam BIN Group, a shareholder whose Finam entered this spring. Net asset value of mutual funds under management - more than 8 billion rubles. Net asset value CUIT Finam - Capital investments "at the end of August 2010 - 561.3 million rubles. The structure of the fund - 75.5% - agricultural land, 23.85% - commercial real estate.
Experts believe these projections overly optimistic. "Based on rental rates claimed by Finam (8-12%), just not obvious that in the next 3-5 years, the cost selhozemel can grow several times, otherwise the cost of rent would be significantly higher. Rather, it is possible to conduct an increase of 10-20% per year ", - the head of the Rostov office of one of the investment companies.
Vice-President of the Rostov club financiers Mikhail Akopyan calls among banks lend on the security of agricultural land and are ready to sell these assets, Rosselkhozbank, Sberbank, and "Center-invest. "Others have worked on the security of agricultural land in individual cases.
"Center-Invest specializes in lending to small and medium businesses, including agro-and, above all, he can become a partner" Finam "transaction" - he said. According to experts, the value of redeemable secured land will not be significantly below market. "For the price at which land was taken in the mortgage, you need to add a variety of penalties for late payment of credit - cheaper than the banks will not sell" - explains Mr. Akopyan.