On Monday, registration began of the transfer, to the Russian Federation, of title to real estate that had belonged to structures controlled by the Khotin family.
Within a few days, properties with a total area of about 1 million sq m passed into state ownership. Among them:
• the Filion shopping centre;
• the Cheremushki shopping centre;
• the IQ-park business centre;
• the Nagorny house of culture;
• the Krasny Bogatyr business centre;
and others.
The assets are being taken on the basis of a decision of the Meshchansky District Court.
What happens next
It is highly likely that management of the properties will be passed to Upravlyayushchaya Kompaniya, a joint-stock company. This is not the first time that commercial property has been placed under its control.
Practice shows, however, that after the transfer:
• court proceedings with contractors and with the tax authorities begin;
• taxes, and rent for the land, are not paid.
From observation of how the management company works, a conclusion can be drawn. In a number of cases Upravlyayushchaya Kompaniya either has not been given the documents for the assets, or shows little competence in managing commercial property.
The result may be the bankruptcy of the legal entities on whose balance sheets the properties remain.
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