Investment Management Group (IMG) has completed the acquisition of a 70% stake in a retail park development project in Tver, Russia. The acquisition is earmarked for the group's Russia Development Fund.
Investment Management Group (IMG) has completed the acquisition of a 70% stake in a retail park development project in Tver, Russia. The acquisition is earmarked for the group's Russia Development Fund.
The asset, developed by Normal Asset Management, will be the largest shopping facility in the city, which is located 134 km northwest of Moscow. It will consist of two big box anchors: a hypermarket operated by German retailer Globus and a DIY store operated by French group Leroy Merlin.
The project will provide 65,500 m2 of gross space including a 25,600 m2 retail gallery.
Construction is scheduled to commence in the second quarter of 2012, with opening planned for the second half of 2013.
IMG is a real estate private equity fund manager.
