The Auction House of Russia to Start Operating in Siberia’s Novosibirsk

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Mar 28. – The Auction House of the Russian Federation will open a sub-office in the Siberian city of Novosibirsk on Wednesday. By the end of the year, the Auction House plans to sell properties worth about US$34.5 billion.

The sub-office will put on the market assets of their clients from several regions of Siberia, including Novosibirsk, Kemerovo, Tomsk, Altay, and Altai Republic.

“At the first instance the question is about impaired assets of Savings Bank and OAO Russian railway’s real property,” Director General of the auction house Andrey Stepanenko said in a company press release.

The sub-office is also in talks with a number of regional banks on their troubled assets to sell, Ljubov Koltakova, head of the Auction House-Novosibirsk said to the Russian business daily Vedomosti.

Western Siberian Bank of Savings does not reveal value of the charged property, and did not make any sales forecast so far, the bank’s official said.

According to Saving Bank web site, there are 156 lots in the table of banks debtors, including real estate assets, plots of land and automotive vehicles.

According to Andrei Stepanenko, future plans include opening “a sub-office in every territorial subject of the Russian Federation.”

The Auction House started operating in St. Petersburg in the end of 2009. The first regional office was opened last fall in Nizhni Novgorod. On its first auction on January 26, the former office of the local Savings Bank branch has been sold for US$358,600 after the starting price of US$127.50.

“Novosibirsk Auction House sales might be efficient due to the possibility to sell illiquid property like midsized shopping premises and agricultural equipment,” Andrey Pochesnev, head of Raiffeisen bank Siberian branch said.

Novosibirsk is Russia’s third-largest city, after Moscow and St. Petersburg, and the largest city of Siberia, with a population of 1.4 million.

The city stands on the banks of the Ob River in the West Siberian Plain. To the south of the city lies the Ukok Plateau, this forms part of the Golden Mountains of Altai.

The city industrial complex consists of 214 large and average industrial enterprises, which produce more than two-thirds of all industrial output of the Novosibirsk region. Region leading industries are the electric power industry, gas supply, water supply, metallurgy, metal working, and mechanical engineering.

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