International real estate firm Hines is joining forces with Belaya Dacha Agrofirma to develop a mixed-use project in the Moscow region. The deal is Hines' second with Belaya Dacha following the acquisition by Hines of part of the Belaya Dacha Logopark warehouse development last year.
International real estate firm Hines is joining forces with Belaya Dacha Agrofirma to develop a mixed-use project in the Moscow region. The deal is Hines' second with Belaya Dacha following the acquisition by Hines of part of the Belaya Dacha Logopark warehouse development last year.
The first phase will be a planned retail development as part of a 120-hectare multi-use project. The development will comprise a mixture of retail, office and residential space. The first phase will create 90,000 m2 of mixed retail space for local and international retailers. Construction is scheduled to start early in 2008 with the first elements of the project to be completed in 2009.
Lee Timmins, senior vice-president of Hines, said: 'We are very pleased to extend the successful Hines/Belaya Dacha partnership to this large-scale project, and look forward to this tremendous development partnership resulting in one of the highest quality developments in the Moscow region'.
