ECE Projektmanagement, the German inner-city shopping centre specialist, has announced it is to build a modern shopping centre, comprising 60,000 m[sup]2[/sup] of gross lettable area, in the Russian city of Togliatti in the.
ECE Projektmanagement, the German inner-city shopping centre specialist, has announced it is to build a modern shopping centre, comprising 60,000 m2 of gross lettable area, in the Russian city of Togliatti in the.
Named for Italian communist leader Palmiro Palmiro Togliatti, the city is known as the capital of Russian car industry as Awtowas (Lada) is based there. Togliatti is the second biggest city of the Volga region.
The Volga Mall project was presented to city officials on 3 April. The first vice-mayor of Togliatti said: 'This investment marks the start for the development of a whole city quarter on the 'Triangle' area with apartments, offices and shopping facilities.'
ECE will invest about EUR 100mln in the scheme will create more than 1,500 new jobs. The shopping center will be the biggest in Togliatti and is scheduled to open in 2010.
The shopping centre will house many a DIY store, a hypermarket, an electronics store and several fashion retailers.
The ECE Group has 94 shopping centers under management across Europe. The centres comprise a combined retail space of 2.9 million m2 and about 10,200 retail tenants with combined annual sales of EUR 12bn.
The German group recently signed a joint venture agreement with Developers Diversified Realty Corporation (DDR), a leading US-based developer, investor and manager of shopping centers. Together, the two companies plan to invest around EUR 1bn in the construction of new shopping centers in Russia and the Ukraine over the next five years.
