Construction on the Volga industrial park commenced this week, Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R) announced on Tuesday. The class-A property, located in the Nizhny Novgorod region of Russia, will be part of the Kstovo industrial park.

Construction on the Volga industrial park commenced this week, Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R) announced on Tuesday. The class-A property, located in the Nizhny Novgorod region of Russia, will be part of the Kstovo industrial park.

The new project of three 60,000 m2 warehouses is being developed by Griffin 2 Development Management. Funding is being provided by a joint venture between private equity fund Amstar Global Partners and Griffin 2 Capital Business Partners. C&W/S&R has been retained as the exclusive leasing agent.

The first phase of the project will be delivered in the third quarter of 2008, with plans to roll out the subsequent phases of the project approximately every nine to 12 months until the first quarter of 2010. The new development will be adjacent to the production plant for Coffee Grand, Kamaz truck service centre, an energy plant, build to suit industrial warehousing and office facilities in Kstovo Industrial Park.

'The pace of growth in this region means industrial tenants are increasingly exacting in their demands for real estate. Volga Industrial Park has been conceived with the tenant at the heart of its design', said Egor Dorofeev, head of warehouse and industrial at C&W/S&R.