Russian authorities have transferred control of one of the country's largest warehouse property owners to a state-controlled company, the latest step in a broader campaign of asset seizures that has reshaped ownership across several sectors of the economy.
State-controlled company Neftekhimremstroy on June 19 took over management of JSC Elma, a major owner of logistics and industrial real estate that was nationalized by a Moscow court in February, the Kommersant newspaper reported.
According to corporate registry data cited by the newspaper, Neftekhimremstroy assumed control of JSC KP Capital, Elma's sole shareholder. Through KP Capital, Elma owns about 1.05 million square meters (11.3 million square feet) of logistics parks and technology parks in Moscow, the Moscow region, Rostov-on-Don and the Leningrad and Tver regions.
The transfer underscores the Russian state's continuing drive to seize and redistribute privately held assets, a process that has accelerated since the start of the war in Ukraine and has affected companies across industries ranging from manufacturing and retail to logistics and real estate.
Elma was previously owned by businessman Dmitry Gorditsa, who was also a co-owner of the KIMP industrial group, a manufacturer of bearings used by military factories.
