A joint venture of Russia's GVA Sawyer, Belgium's Liebrecht & Wood and Poland's Fashion House Development is investing $100 mln in the acquisition and development of a site which will house Russia's first outlet centre near Moscow.
A joint venture of Russia's GVA Sawyer, Belgium's Liebrecht & Wood and Poland's Fashion House Development is investing $100 mln in the acquisition and development of a site which will house Russia's first outlet centre near Moscow.
Vera Setskaya, president of GVA Sawyer, told PropertyEU in an interview that the partnership has received preliminary approval for the project and is proceeding with the research of the architectural bureau which will carry out the design work for the new Fashion House Moscow scheme.
'We're in the process of negotiating the contract for the design work,' she said. The project, offering 40,000 m2 of gross area to be developed in two phases, will be the first outlet centre in Russia, she added. The Fashion House-branded development is co-invested by Liebrecht & Wood and GVA Sawyer, with the latter also acting as local developer. The complex is due for completion in late 2011, early 2012.
Within the next five to six years the joint venture plans to develop a number of outlet centres across Russia. According to Setskaya, the companies have already acquired the plot of land for the development of a second outlet centre in San Petersburg and intend to build a number of others across Russia's main regional cities.
