Immoeast opens 170,000 m[sup]2[/sup] mall in Moscow

CEE property developer Immoeast opened its Golden Babylon Rostokino project - one of Europe's largest shopping and entertainment centres - this week. The Golden Babylon Rostokino scheme is expected to generate around EUR 100 mln per annum, and is located in Sviblovo, the most densely populated district in Moscow.

The project, which was carried out in a partnership with developer Patero, provides 170,000 m² of total lettable space comprising 440 shops on two floors and an entertainment area for children and adults. CEO Eduard Zehetner said that 'the construction and opening of this extraordinary shopping mall is another significant success for Immoeast. With Rostokino we strengthen the Immofinanz Group's outstanding real estate portfolio and the EUR 100 mln in projected annual rental income will sustainably contribute to the optimisation of the company's cash flow.' The complex is the largest asset in Immoeast's portfolio.

Golden Babylon also offers a 14-screen cinema as well as cafes and restaurants and 6,500 parking spaces. Around 75% of the retail space is let to well-known Russian and international retailers, while a further 15% is in the final stage of negotiation, Immoeast said. Anchor tenants include leading retail chains such as Media Markt, H&M, Inditex (Zara, Zara Home), Maratex (Esprit, Orsay), the Finnish department store chain Stockmann and the Russian food hypermarket O’key.

In September the Austrian-based property developer was reported to be mulling a sale of part of its shopping centre portfolio in Moscow. Immoeast owns five large-scale malls in the Russian city.