Meinl European Land is expanding in Russia with the development of a shopping centre with an integrated DIY market and electronic superstore in the Mineralnyye Vody region of Southern Russia. The investment volume for the project is estimated at EUR 60 mln, reflecting a yield of 13%.
Meinl European Land is expanding in Russia with the development of a shopping centre with an integrated DIY market and electronic superstore in the Mineralnyye Vody region of Southern Russia. The investment volume for the project is estimated at EUR 60 mln, reflecting a yield of 13%.
The company said it has acquired a 93,000 m2 land plot with zoning for commercial buildings in place. The 48,000 m2 shopping centre will be the first major regional shopping centre in the region, which has a catchment area of approximately one million inhabitants. Construction is due to begin in early 2008. By this time the company expects to have approximately 60% of the project pre-let. The opening of the shopping centre is scheduled for the beginning of 2009. The project extends Meinl EL's development portfolio in Russia to 16 schemes with estimated total investment costs of EUR 1.6bn.
