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Case Study

Valuation of property portfolio for OPIN

OPIN (Open Investments) has a reputation of being a well established and professional developer in Russia, whose main specialisation is in countryside residential and office developments. It is a public company presented in the RTS stock-exchange list. The Group was the first public real estate corporation in the Russian market.

The current portfolio of OPIN consists of several commercial projects in Moscow, having a total leasable area of more than 150,000 m2. This includes the Meyerhold Office Centre, Novotel Moscow Center Hotel, Domnikov Office Centre and OPIN-Plaza office centre; a number of residential developments in Moscow Region including such well-known projects on the Moscow market as Pavlovo, Pestovo, Martemyanovo, and Lukino, amounting to a total area about 1,000 hectares; large-scale developments of master-plan communities including the project near Zavidovo that provides more than 1 million m2 of residential accommodation on a territory of around 1,300 hectares; a mixed-use development project in the centre of Sochi providing a luxury hotel and high-class residential accommodation, together with retail premises and entertainment facilities. The portfolio of the company also includes a number of land plots in the Moscow and Tver regions which constitute a total area of more than 10,000 hectares.

The Moscow office of Jones Lang LaSalle has worked closely with Open Investments since 2004. We have provided valuations of the portfolio properties for different purposes, including bi-annual valuations for reporting according to the IFRS, loan security, SPO and the issue of CLN bonds. As at the end of 2007 the aggregate Market Value of the Company’s portfolio was valued by Jones Lang LaSalle at approximately USD 3 billion.

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