Immoeast is to invest EUR 450 mln in the GoodZone shopping centre in Moscow, the Vienna-based property company's largest single transaction ever. With total floor space of 146,000 m2, GoodZone is also amongst the largest retail projects in the Russian capital. The mall will house a total of 180 retail units, restaurants and service providers, as well as a large leisure centre. American architects Altoon & Porter, a leading international specialist for shopping centres, has been hired for the planning and design of the centre.

Immoeast is to invest EUR 450 mln in the GoodZone shopping centre in Moscow, the Vienna-based property company's largest single transaction ever. With total floor space of 146,000 m2, GoodZone is also amongst the largest retail projects in the Russian capital. The mall will house a total of 180 retail units, restaurants and service providers, as well as a large leisure centre. American architects Altoon & Porter, a leading international specialist for shopping centres, has been hired for the planning and design of the centre.

The Austrian company has preliminarily acquired a 75% stake from the developer, while the remaining quarter will be purchased upon completion of the project in the autumn of 2008. Negotiations have reached an advanced stage with a large number of potential tenants.

The retail sector in Moscow (population 10 million) is currently one of the most interesting markets in the east, said Immoeast ceo Karl Petrikovics. 'Strongly rising purchasing power in the Russian capital and its outlying areas has led to a rapid increase in demand for modern retail space. There are practically no international retail chains that are not investing massively in Moscow. Consequently, vacancy rates are minimal and rents easily match the levels in most major cities in the West.'

Immoeast's portfolio in Moscow currently includes five shopping centres (both completed and in development), with total floor space of 410,000 m2. In total, the enterprise's Russian portfolio consists of 17 properties with 753,000 m2 of floor space.