Austria's Atrium European Real Estate has announced the opening of an extension to its Togliatti Park House shopping centre in Russia. The extension comprises a 12,100 m2, stand-alone retail unit which is fully let to Castorama on an initial 10-year lease with an option for a further five years.
Austria's Atrium European Real Estate has announced the opening of an extension to its Togliatti Park House shopping centre in Russia. The extension comprises a 12,100 m2, stand-alone retail unit which is fully let to Castorama on an initial 10-year lease with an option for a further five years.
Having officially opened on 11 April, the new store had a successful first weekend's trading that contributed to an increase in footfall of more than 20% per day over the average for a weekend, Atrium said on Thursday.
Togliatti Park House is a shopping centre with a Gross Lettable Area of 38,000 m2 and is located on a 6.6 hectare site in Togliatti, in the Samara Oblast region of Russia. It was originally opened in December 2006 and is anchored by German-based Metro group with a 7,000 m2 Real hypermarket. A further extension, a 6,780 m2 stand-alone retail box is also due to open in August this year and is already fully pre-let to Media Markt.
Togliatti Park House is located in the centre of the city and has approximately six million visitors per year.
Rachel Lavine, CEO of Atrium, said: 'The extension to our Togliatti Park House shopping mall is a good example of how, in the current market, we are still able to create value by adding additional space to already successful and proven retail assets.'
