Alexander Yaroslavsky: "We just need to stand and watch for now. The economy probably will sink further"

For many Ukrainian businessmen, the behavior of the founder of DCH Group, Alexander Yaroslavsky, is a marker of behavior on the market. Yaroslavsky rarely buys something expensive and almost always goes out of the project in time, getting a high income.

Yaroslavsky himself is not a public person. The only way to catch him and ask questions - to come to the event, which he holds or attends. As a rule, these can be investment forums.

What is the situation with the development of shopping malls "Caravan", and how does businessman see the investment climate in Ukraine, Yaroslavsky told our chief editor Nina Mishchenko.

Has the ownership structure of the network SEC "Caravan" changed?

No, as before, I own shopping malls in equal parts with two American funds. Nothing has changed, and no one bought stakes of each other. I am pleased with the results of "Caravan", and foundations are also satisfied.

The network SEC "Caravan" has VTB loan of about $ 140 million. Many banks now complain that borrowers provide not very good service for credits in the current economic climate.

If the banks will continue to be indignant - customers can stop servicing at all. Today, many people and businesses do not pay anything at all, but we pay. We always pay bills. We restructured loans and pay obligations. We have good relationships with banks.

How does communication with American funds go in the current economic situation? Whether they require more frequent reports on the network SEC "Caravan", as many got worse now?

No, they do not require. They trust me and DCH. Operational activities are on me. There is a traditional form of communication with portfolio investors, and it has not changed. These funds are not afraid of the situation in the country, because they know who they are dealing with, and that they communicate with a specific person. Those who work with me - they have nothing to be afraid of. Maybe others got worse now. We have been good and it is still so.

Do you plan to develop a network of shopping mall "Caravan" further?

Of course we plan. It all depends on the situation – if it will be demand for this development, we will develop shopping centers. It can happen, when the market will believe in this direction.

How do you see the real estate market now? Is it worth to invest in now, in the current context?

I don’t see it right now. Better or worse - you need to look at each project. We just need to stand and watch now.

Will the assets be cheaper or we are already "at the bottom"? Is it high time to buy?

In short, you can still wait. The economy probably will sink further.

Does someone come to you with offers to purchase assets?

Constantly, they come to me and offer all. Today everyone wants to sell his business, but there is no buyer for that.

Do they offer commercial real estate?

Of course. Now everyone wants to sell everything - from "greyhound puppies" to "space vehicles".

Does someone want to buy SEC "Caravan"?

There were no proposals received yet. I will sell, if there will be a good price, but there are no even bad price proposals.

Earlier you said that you are willing to invest in projects with a profitability of 15%...

Now I have become less greedy (smiles), the profit of 10% will suit me. The basic principle of investment is to find something cheaper and sell more expensive. Clearly, it is said quite exaggerated. If you are making some project, it is necessary to look for, to dive and to develop it. I am interested in any areas where you can make an effort and get your income.

You hold events for investors in Kharkov. First was Investment Forum, now Agroforum. What questions are asked by investors, are they not afraid to come to the front-line city?

Such forums for me are an opportunity not to stop talking about Kharkov. Looking ahead, to talk about the possibilities. To get people interested - you need to remind about yourself and to show all you can. This is my city. All I want to do for it - I do. I do not know if I do a lot or little – it is a matter of assessing from outside. We bring investors here to see the situation. All who come are not afraid of the situation around. Those who are afraid will come next time, and we will show and soothe. While the storm rages around - we have backwater.

What is needed now for the investment? When will they come to Ukraine?

Investments are on the way. First of all, Ukraine should come to peace. We remember that money likes silence. There must be a sustainable world - is the main point. As soon as it will be a stable position, there will be investments. The economy must be successful and equal rules of the game should appear - the same for all. The fact that we are interesting for the whole world - is doubtless. Our black soil, our location in the heart of Europe, our entire port and oil gas infrastructure. We have much to invest in. The question is in conditions, when we create these conditions, only then will be investors. Then there will be no rebound from them.

How do you assess the progress of reforms in the state? Do you see something to be reformed?

Still very difficult. To see the progress of the reforms we need to see investment. This can not be called a volume, yet. One always arises from another. We are not interested in reform as such, but we are interested in the result. To have good roads, cars, people smile and operating enterprise. This is the real indicator of the progress of reforms.

When the economy could get better?

I do not give such assessments. It's not my business to predict improvement or worsening of the economy. On these issues, refer to the weather forecasts Office (smiles).

Author — Nina Mishchenko

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