Russia has been preparing for the World Cup for eight years. During this time, three modern stadiums were built in Moscow: for Spartak, CSKA and Dynamo. Forbes found out how the economy of each project is arranged and whether they can recoup the investments of investors.
.... Difficulties with return on investment can wait for the VTB Arena. The project is being implemented on the site of the historical arena of the Moscow-based Dynamo entirely with the money of the state bank. “Dynamo” was part of it directly by land, and today it retained only 7.7% in the developer of the management company Dynamo. VTB owns 75% minus one share. The remaining 17.3% is controlled by Cyprus-based Eflen Construction Ltd., which, according to Kommersant, is connected with the structures of Arkady and Boris Rotenberg. The total cost of construction is about $ 1.5 billion, of which the stadium and the commercial component each account for $ 750 million.
The arena, designed for 27,000 seats, was included in the Russian bid for the World Cup, but in the fall of 2012 it became known that championship games would not be held there. The opening of the stadium itself has already been postponed twice. It was originally planned that the arena will receive the first fans on October 22, 2017, on the birthday of the legend Dynamo Lev Yashin. Then the date was called June 5, 2018, however, and by this time the stadium did not have time to prepare.
The commercial part of the project consists of a five-star hotel managed by Hyatt Regency with 298 rooms, office buildings with a total rentable area of 56,900 square meters. m, as well as the residential part of 1000 apartments. The office part is now filled only by 13%. One building area of 9000 square meters. m in November 2016 bought the structures of billionaire Igor Rybakov. The amount of the transaction has not been disclosed, but a similar building in the complex is now sold at a price of 324,500 rubles per 1 sq. M. m, indicates ILM managing partner Andrei Lukashev. Thus, Rybakov’s structures could pay up to 3 billion rubles.
Read more: http://www.forbes.ru/milliardery/362941-gorod-spartaka-kak-zarabatyvayut-na-futbolnyh-stadionah-moskvy