Paris-listed real estate developer Apsys and Russian developer Sistema-Hals have formed a long-term strategic partnership to jointly develop and manage retail projects in Russia.
Paris-listed real estate developer Apsys and Russian developer Sistema-Hals have formed a long-term strategic partnership to jointly develop and manage retail projects in Russia.
The partnership will be carried out through a 50-50 joint venture that will develop retail projects jointly selected by the two partners.
The venture’s first investment is the acquisition from Sistema-Hals of 100% of the shares of the company holding Leto City, a two-storey retail and entertainment centre under construction with about 75,000 m2 of gross lettable area located on a site in Puklovskoye Schosse to the south of St. Petersburg.
Apsys has a strong presence in the Polish and French retail sector and is currently developing 15 projects comprising a total of 700, 000 m2 in these two countries. This investment is its first in Russia, where the French developer plans on developing a large network of shopping centres. According to a statement on the partnership, Apsys 'will dedicate substantial human and financial resources (to Russia) in order to carry out an ambitious development plan in this buoyant, under-supplied market'.
