Mirland Development Corporation, one of Russia's largest residential and commercial property developers, is to buy a market trading pavilion, covering some 0.8 hectares, in the Russian city of Kazan. Mirland is paying just under EUR 1 mln for the site, with a further EUR 111,000 being paid to the city for building rights.

Mirland Development Corporation, one of Russia's largest residential and commercial property developers, is to buy a market trading pavilion, covering some 0.8 hectares, in the Russian city of Kazan. Mirland is paying just under EUR 1 mln for the site, with a further EUR 111,000 being paid to the city for building rights.

Mirland is joining forces with the municipality of Kazan, one of Russia's largest cities, to redevelop the site as part of a major rejuvenation of the Kirov district of Kazan. The area is the cradle of the Tatar culture as well as a major industrial and commercial centre. The development project is expected to include a shopping and entertainment centre of some 34,000 m2 and 600 parking places over a total of 2.2 hectares.

Moshe Morag, Mirland's chief executive, said the acquisition, and the company's role in the city's regeneration, represents 'another significant step forwards in our strategy to secure major development projects, not only in Moscow and St Petersburg but also in secondary Russian cities'. Mirland operates solely in Russia; its real estate assets are currently valued at around EUR 800 mln.