Upon the appeal of Metro Cash & Carry to review the assessment of its property and to establish its cadastral value in accordance with market valuation the Assessment Appeal State Commission under the Rosreestr in Moscow came to a positive decision as of December 25, 2015.
Based on the decision of the Commission the cadastral value of the property– hypermarket with total area of 18,648.3 sq.m., located at the address: Moscow, Dorozhnaya str, 1, bld. 1, cadastral number 77:05:0006005:1049 – was determined at a market value of 1 606 300 00 rub (according to valuation of VALRUS as of January 01, 2014). The difference between the original cadastral value (set as 1 964 124 445, 1 rub.) amounted 18, 22 %.
After the first review of application the Commission refused to satisfy the requirements despite the high quality of valuation and upper limit of market value range of building. The main cause was a disagreement of the Commission with our approach to valuation the land plot located under the property. After examination of similar issues and retail properties valuations of other companies that were approved by the Commission in 2015, the approach to valuation was adjusted. The changes in valuation results were insignificant and the updated version of report was submitted for reapply. It was approved and the value of the property was confirmed as a new cadastral value of the hypermarket.
Upon carrying out of works the expertise of the valuation report was conducted in self-regulated organization. As the leading appraisers of Valrus are members of the Russian Society of Appraisers, the expert review was obtained by this professional organization.
METRO Cash & Carry– is the largest management company of the international cash & carry (wholesale) business format of the retail giant METRO GROUP.
METRO Group Holding was established in 1996 as a result of the merger of METRO Cash & Carry, Kaufhof Holding AG and Asko Deutsche Kaufhaus AG. Shares of METRO Group are listed on FRANKFURT MAIN stock exchange.
Today the russian sector of METRO Cash & Carry opened 83 shopping centers in 47 country regions (among them the hypermarket "REAL" in Kotelniki is also considered). Sales of METRO Cash & Carry during 2014 amounted 209 455 million rubles (compared with the previous year, the increase was 14, 3 %). The amount of employees exceeds 20 thousand.