Ramenki Industrial Park
, 88.5 hectares.

1. 01 / Sale · 75%

   30 engineered lots, 48 hectares of inventory

   Sold to residents at a weighted average price of 4,500 ₽/m². Sales phasing: 20% in Y1, 35% in Y2, 30% in Y3, 10% and 5% in Y4–Y5. Proceeds cover land CAPEX and infrastructure and partly self-finance the build. Total sales over five years: 2,160M ₽.

2. 02 / Lease · 25%

   10 of our own lots, Light Industrial

   On 16 hectares we build multifunctional facilities (warehouse + production + office) totaling 64,000 m² at a 0.40 build coefficient. Construction cost 50,000 ₽/m², rental rate 9,500 ₽/m²/year Triple Net. At a 90% target occupancy, annual rental income, 547M ₽. Capitalized at a 10% cap rate = asset of 5.2B ₽.

3. 03 / ManCo · margin core

   Ramenki Management, service charge 75 ₽/m² of land per month

   Our own management company services the full 88.5-hectare estate. Three streams: service charge (576M), energy resale margin (17M), additional services (15M). ManCo EBITDA at the stabilized year, 537M ₽ at 88% margin. SaaS-grade economics. At a 6× multiple, ManCo capitalization = 2.8B ₽.

4. 04 / Financing

   610M equity + 2B credit + self-financing from sales

   Capital structure: 610M of equity in Y0, a 2,000M credit facility at 16% over five years, and self-financing of ~1,900M from sales in Y1–Y3. The negative cumulative cash flow over five years (−1,050M) is fully explained by interest on the credit facility (1,088M). The money isn't lost, it's transformed into an asset that generates recurring income.

5. 05 / Roadmap

   36 months to stabilization

   Preparation (months 1–2): lift flood zoning, adjust the GPZU. Land-use change (months 3–6): switch to «Industrial» via the Moscow Region inter-agency commission. Sales launch (months 7–12): first roadside lots, first cash flow. Construction (months 13–24): 10,000 m² of Light Industrial, first tenants. Stabilization (months 25–36): full ManCo launch, stable NOI.

6. 06 / Exit strategy

   Four independent scenarios

   Hold: 1,084M/year recurring, ROE 178% annually, equity returned within 7 months of stabilization. Sell the rental portfolio to institutionals (closed-end real-estate funds, insurers, pension funds) at an 8–12% cap rate, 4.3–6.5B. Sell the ManCo separately to a strategic at a 5–7× EBITDA multiple, 2.7–3.8B. Refinance against stabilized NOI, up to 3–4B against the portfolio.

Scenario analysis tested across three variants: downside (land price 3,500 ₽/m²) → asset 6.4B, 10.6x · base case (4,500 ₽/m²) → 6.9B, 11.3x · upside (5,500 ₽/m²) → 7.4B, 12.1x. Even in the downside, the project carries no negative outcome, the rental portfolio and the ManCo don't depend on land pricing.