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| Orco Property announces purchase of shopping centre in Moscow Luxembourg-based real estate developer Orco Property Group announced 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. 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. write your comments about the article :: © 2008 Construction News :: home page |