Bank "Trust" has put up "Inteko" construction company for auction

Bank of non-core assets "Trust" put up for open auction "Inteko" company, which was founded by Elena Baturina in 1991.

The sale of "Inteko" will take place in the form of an open electronic auction on the site of the Auction House of the Russian Federation. A wide range of investors can participate in the auction. Applications are accepted until November 10 inclusive.

The initial price of the asset is 37.4 billion rubles. This is a 100 % stake in AO Inteko worth 29.6 billion rubles and the rights of claim of the Trust Bank against the company in the amount of RUB 7.8 billion.

Inteko implements various development projects in Moscow, St. Petersburg, Leningrad Region and Rostov-on-Don. Currently the company, according to the Unified Housing Information System, is building 501 thousand square meters of housing – over 300 thousand sq. m in Moscow (14^th place among the developers of the capital), the rest – in the Rostov region.

Inteko was founded by Elena Baturina in 1991 and sold in 2011. In July 2018, Rost-Bank, at that time the main shareholder of Inteko, merged with Trust Bank, which in October 2020 consolidated 100 % of AO Inteko on its balance sheet.

Bank Trust reported that since 2018 Trust has carried out a complete restructuring and rehabilitation of the asset. In addition, the bank noted that now the Inteko portfolio includes landmark projects for the Moscow residential real estate market in the business and premium segments, and in 2020 the company was included in the list of strategic organizations in the construction industry.

At the beginning of June 2021, the president and chairman of the board of Trust, Alexander Sokolov, announced that the bank was ready to sell Inteko, at the same time he wanted to get a high price for the group. Alexander Sokolov also noted that by the end of the year, the capitalization of Inteko, according to conservative estimates, will approach 26–27 billion rubles, and the expectation is around 32 billion rubles.