ORCO PROPERTY GROUP | Media
Media
ORCO Property Group extends its activities in Russia New shopping centre in Moscow
Orco Property Group, a leading investor, developer and asset manager in the Central European real estate and hospitality market, is pleased to announce that the company has agreed to forward purchase of a large-scale shopping centre, named “Na Bagrationovskom”, in the west part of the Russian capital.
The project represents modern western style shopping providing its visitors with an opportunity to enjoy a great mix of shopping and entertainment under one roof. The tenant base has been carefully designed to reflect the needs of the potential customers living in the centre’s catchment area. The renowned international fashion brands on offer include Zara, Promod, Marks & Spencer, C&A along with the biggest Russian children hypermarket Detskiy Mir and Carrefour as the anchor tenant of the whole project. Cinema park and bowling operator, Cosmic, will provide visitors with the possibility to enjoy leisure and family time. With a deficit of land in Moscow, there will be very few comparable projects of this scale and importance so close to the city centre.
Shopping centre “Na Bagrationovskom” is located West of Moscow in the most affluent district of the city within a two minute drive from Kutuzovsky Prospect, one of the main roads leading out of Moscow situated between the third and fourth ring roads. In addition, there are two subway stops just seven minutes away and two bus and trolley routes serving the area. To the North there is a large industrial zone that has been earmarked for redevelopment into a mixed use scheme called the Big City project totalling approximately 20 million sqm which will add an additional 250,000 inhabitants to the immediate local population, by 2020. The area is already an established retail destination, known throughout Moscow and Russia for the Gorbushka and Gorbushkin Dvor electronics markets. The opening of the shopping centre “Na Bagrationovskom” will further enhance the area as a major commercial hub.
The site comprises 3.4 ha and has a gross buildable area of 122,367 sqm (including 39,402 sqm of parking) providing 54,477 sqm of leasable space over three aboveground floors and one basement level. Nine months before opening, the shopping centre is 98% let to 144 tenants with 90% of income secured to international and major national brands. Rubin Development is currently in process of construction with the opening date planned for Q1 2009.
“We are delighted to secure the acquisition of what will be a prime modern shopping centre in Moscow which will underpin our growing portfolio of assets in Russia,” said Jeff Alson, Investment Acquisition Director and CEE of Orco Property Group.
***
Orco Property Group is a leading investor, developer and asset manager in the Central European real estate and hospitality market, currently managing assets of approximately EUR 2, 5 billion. Operating in Central Europe since 1991, Orco Property Group is a public company, based in Luxembourg, and listed on the NYSE Euronext, Prague, Warsaw and Budapest Stock Exchanges. Orco Property Group operates in a number of countries including, mainly, the Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia. Orco Property Group is continually analysing investment into new territories.
Orco Property Group is also sponsor of The Endurance Real Estate Fund, a Luxembourg–regulated closed–end mutual fund (fonds commun de placement - fonds d'investissement spécialisé) organised as an umbrella fund with six sub-funds focused on real estate acquisitions on office and retail, residential, industrial & logistic, and Health Care markets.
Contact persons:
Séverine
Farjon
Tel:
+33 1 40 67 67 00
E-mail:
sfarjon@orcogroup.com
City:
Paris
Luc
Leroi
Tel:
+ 352 26 47 67 47
E-mail:
lleroi@orcogroup.com
City:
Luxembourg
Aleš
Vobruba
Tel:
+42 02 21 416 311
E-mail:
avobruba@orcogroup.com
City:
Prague