Moscow-based TPS Real Estate plans to expand its investment portfolio to 12 shopping centres comprising two million m2 by 2016.
Moscow-based TPS Real Estate plans to expand its investment portfolio to 12 shopping centres comprising two million m2 by 2016.
The company currently has around one million m2, including Galereya Krasnodar, MoreMall in Sochi and Ocean Plaza in Kiev, which together comprise 500,000 m2.
Founded in 2011, TPS' growth strategy focuses on acquiring and developing high-quality shopping and entertainment centres in central areas of Russia or along important routes with dense pedestrian and car traffic.
Another three projects are being developed with a total area of 500,000 m2. The projects are Galereya Novosibirsk, Mall on Kutuzovsky Avenue near the Slavyansky Bulvar subway station and Mall on Khoroshevskoye Highway near the Polezhayevskaya subway station in Moscow.
Alexey Chinaliev, first vice-president of TPS Real Estate, said 2013 could be deemed a relatively stable period for the commercial real estate market.
'The first half of 2013 saw landmark investment transactions in Russia such as the sale of Metropolis mall in Moscow and Aura mall in Novosibirsk. The opening of Fashion House Moscow Outlet Centre and Vnukovo Outlet Village marked a new milestone in the Moscow market. This year boasts a great deal of shopping centres commissioned in Moscow, St. Petersburg as well as other Russian regions, including Rio mall on Leninsky Avenue, Raykin Plaza and the second phase of Otrada shopping park in Moscow.'
However, he noted, other known projects scheduled for the second half of 2013 are most likely to be postponed until next year.
'In 2013, we also observe a reviving regional market in commercial real estate, with frequently interlacing opening dates of many shopping centres, where some cities enjoy multiple simultaneous opening ceremonies and new project announcements while other cities badly lack state-of-the-art high-quality malls,' Chinaliev said.
The November edition of PropertyEU Magazine features a special focus on the Russian market.
In addition, here's a link to all the news from Mapic 2013
