Joint Venture Registered for Light Industrial Complex on Dorozhnaya Street
Russian developer Koldi has teamed up with the Moscow city government’s KRT company to form a specialized development entity, Dorozhnaya, which will build a large light industrial park in the Central Chertanovo district. The joint venture was registered on July 21, according to corporate records.
The project site on Dorozhnaya Street covers 8.14 hectares and was originally approved for a 139,960-square-metre multifunctional complex under the city’s Comprehensive Territory Development (KRT) programme. However, a Koldi representative confirmed that the plan has been revised to a 150,000-square-metre light industrial facility equipped with solar panels and gas turbine equipment.
Investment estimates from real estate experts place the cost at between 14 billion and 20 billion rubles, excluding VAT, depending on the final concept. The higher end reflects the inclusion of on-site energy generation and higher-specification industrial units.
What the Chertanovo JV Signals About Moscow’s Industrial Space Market
Moscow Pushes Industrial Development Through KRT
The partnership between a private developer and a city-owned entity underscores how Moscow is using the KRT mechanism to unlock underutilised land for industrial use. The shift from a multifunctional mixed-use project to a pure light industrial scheme signals that the city sees greater economic returns from production and logistics space than from office or retail in this location.
Light Industrial Demand Remains Strong
Light industrial real estate in Moscow, which serves small-to-medium manufacturing, e-commerce fulfilment and last-mile logistics, has consistently outperformed traditional office and retail since the pandemic. Vacancy rates are low and pre-leasing is common. The decision to build 150,000 sqm of such space, with its own power generation, suggests Koldi is banking on continued demand from import-substitution industries and online retail operators looking for functional, well-located units inside the capital’s ring road.
Execution Risk and Financing
While the city partnership reduces land risk and may speed up planning approvals, the project’s viability hinges on securing financing at a time when construction costs are rising and borrowing rates remain elevated. The wide range of investment estimates—14 to 20 billion rubles—reflects uncertainty over specification and materials, which could affect the final yield. Early tenant commitments will be critical to de-risk the development.
What the Project Means for the Developer and Investors
For Koldi and its project partners:
- Secure pre-leases quickly. Given the undersupply of high-quality light industrial space in Moscow, marketing the project to e-commerce, pharma and light manufacturing tenants ahead of construction can substantially lower financing risk.
- Lock in construction costs. With cost estimates varying so widely, early contractor engagement and bulk purchasing of key materials could protect the 14–20 billion ruble budget from further erosion.
- Leverage the city partnership for approvals. The involvement of the city-controlled KRT may smooth zoning and utility connections, but developers should still build in realistic timelines for grid and gas-turbine infrastructure.
- Watch for further KRT opportunities. If this project is delivered on time and on budget, the model could be replicated on other municipal land parcels, creating a pipeline for Koldi and similar developers.
Risk & Opportunity Assessment
| Commercial Risk | Medium | The project’s returns depend on leasing 150,000 sqm of industrial space in Moscow; while demand is robust, any economic slowdown or oversupply in the southern sector could pressure rents and slow absorption. |
| Competitive Risk | Low | Light industrial supply within Moscow’s ring road remains constrained, and no directly competing projects of similar scale and specification were announced in the immediate area. |
| Regulatory Risk | Low | The joint venture with the city’s KRT entity and location within an approved KRT zone reduce the likelihood of adverse zoning or permitting changes. |
| Reputation Risk | Low | Koldi is not a publicly listed company and the project is at an early stage; reputational exposure is limited unless construction runs severely over schedule or quality falls short. |
| Technology Disruption | Low | Light industrial facilities are relatively immune to rapid technological obsolescence; the inclusion of on-site solar and gas turbines may even future-proof the asset against rising grid electricity costs. |
| Commercial Opportunity | High | If delivered as planned, the project will capture untapped demand from e-commerce, logistics and light manufacturing firms seeking efficient, powered units inside Moscow, giving the developer a first-mover advantage in the Chertanovo submarket. |
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