US real estate investment manager Amstar and local developer Renaissance have celebrated the grand opening of their Aura regional shopping centre in Novosibirsk, Russia.
US real estate investment manager Amstar and local developer Renaissance have celebrated the grand opening of their Aura regional shopping centre in Novosibirsk, Russia.
The project offers 61,000 m2 of retail space across 200 stores, as well as a seven-screen cinema, a bowling alley, 22 restaurants and cafes and 1,700 underground parking spaces. At opening, the centre was 99% leased.
'Tenant demand exceeded our high expectations, supporting Amstar's investment strategy of developing institutional-quality real estate in under-supplied markets,' said Jason Lucas, president of Amstar Global Partners.
Construction of the scheme began in 2008 while funding was secured in 2009 in one of just a few construction loans granted in Russia during the financial crisis. The European Bank for Reconstruction and Development (EBRD) and UniCredit agreed to provide a EUR 60 mln to fund the scheme.
Amstar and Renaissance are joint partners in a number of ongoing developments throughout Russia and Turkey. In addition to Aura, the partnership has already developed malls in Istanbul and Adana, Turkey.
