Assessment of the Credit Risk of Projects in the Field of Construction of Commercial Real Estate in Moscow and St. Petersburg

Student: Kulikov Vasiliy

Educational Programme: Financial Analyst (Master)

Year of Graduation: 2019

Topic: Assessment of the Credit Risk of Projects in the Field of Construction of Commercial Real Estate in Moscow and St. Petersburg Keywords: Credit risk, marketing risk, commercial real estate, retail real estate, warehouse real estate, office real estate, hotel real estate, speculative, build to suit, LLC "VkusVill". In the framework of the master's thesis, the author considered the main risks causing the borrower’s non-creditworthiness and ways to minimize them, including borrowers carrying out projects in the commercial real estate market. An analysis of the risks and opportunities affecting the commercial real estate market was made. After this analysis, the author proceeded to study the marketing risk of the segments of the commercial real estate market, on the basis of which the author singled out the warehouse real estate segment of the commercial real estate market as the only one with an acceptable level of the marketing risk. On the basis of the selected segment of the commercial real estate market, the author developed a draft of warehouse complex consisting of speculative warehouses and a "Build to suit" format for the anchor tenant LLC "VkusVill". The author calculated a financial model of the warehouse complex and analyzed the sensitivity of the project.

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