Atrium European Real Estate has announced the opening of an extension to its Volgograd Park House shopping centre in Russia. The extension comprises an 11,800 m2, stand-alone retail box with 314 parking spaces, which is fully let to OBI, the leading German DIY company, under a 15-year lease agreement with options for three additional periods of five years.
Atrium European Real Estate has announced the opening of an extension to its Volgograd Park House shopping centre in Russia. The extension comprises an 11,800 m2, stand-alone retail box with 314 parking spaces, which is fully let to OBI, the leading German DIY company, under a 15-year lease agreement with options for three additional periods of five years.
The opening of the OBI extension enhances the offering of what is already a strong and well-performing asset that suits the requirements of its local south Russian catchment area. Anchored by Karusel, SportMaster, Tekhnosila, Bowling Planet, Academy and Starik Khotabbych, Volgograd Park House also has over 230 other tenants across its 55 000 m2 GLA. It is located on a 69 000 m2 site in Volgograd and was originally opened in two phases in 2003-2004.
Rachel Lavine, CEO of Atrium, commented: 'The extension to our Volgograd Park House shopping mall is a good example of Atrium’s ability to deliver income-producing improvements to its standing assets and is a particularly effective way of enhancing value during difficult market conditions. We continue to explore ways of creating value and improving performance at all of our operating assets and believe strongly in the potential of our portfolio.'
