Hines starts development of $160m retail outlet near Moscow

US private real estate developer and investor Hines has announced the start of construction for its $160 mln (EUR 117 mln) retail outlet Village Belaya Dacha project near Moscow.

Property services group Cushman & Wakefield (C&W) was appointed as joint letting agent for the scheme, representing a joint venture of Hines and local agricultural producer Belaya Dacha Group.

Outlet Village Belaya Dacha is to be opened in the town of Kotelniki, in the Moscow region in September 2011. The scheme will offer 38,000 m² of net retail space, housing over 200 stores, as well as cafes, restaurants and a children's centre. Major tenants will include international brands such as Ralph Lauren, Hugo Boss, Adidas, Reebok and Levis. C&W will represent Hines in the search for specific Eastern European and Russian retailers and food operators.

'We have leased more than 60% of Phase 1 with our in-house team,' said Lee Timmins, vice-president and managing director at Hines Russia. 'However, we have made a decision to involve C&W to work together with us to lease the remaining space to retailers and restaurant operators.

Charles Slater, head of Retail Services at C&W said the scheme will be the first retail outlet of its kind in Russia. 'It is terrific for us to work on such a pioneering project with Hines,' Slater said.

The scheme is being funded by the Hines International Real Estate Fund (HIREF) and Belaya Dacha.