Poland`s Fashion House to build second Russian outlet centre

Poland`s Fashion House Development has purchased a 12.4-hectare plot of land in Saint Petersburg for the development of a second retail outlet centre in Russia.

The purchase comes shortly after the company unveiled plans in late 2009 to invest $100 mln (EUR 76 mln) in the development of the country`s first outlet centre near Moscow.

The new site was acquired from the Credor management company, advised by Russia`s GVA Sawyer. It is located to the south-west of Saint Petersburg in a developing trading area at the intersection of the Ring Road, Volkhonskoe and Tallinskoe highways.

`The choice of the site was fully determined by the development concept pursued by Fashion House Development, which involves construction of an outlet centre in the vicinity of the city limits on major highways with convenient accessibility for the customers`, said Vera Setskaya, president of GVA Sawyer.

In December last year, Fashion House Development also received preliminary approval for the construction of Russia`s first outlet scheme in Moscow, which will offer 40,000 m2 of gross area to be developed in two phases. 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`s main regional cities.

PropertyEU, June,04 2010