Private developer Parkridge Holdings has acquired a 150,000 m[sup]2[/sup] warehouse development in Moscow from a private individual, the company said on Tuesday. While the sale price was not disclosed, the end value for the development once it is built and occupied is put at about £75 mln (EUR 112 mln).

Private developer Parkridge Holdings has acquired a 150,000 m2 warehouse development in Moscow from a private individual, the company said on Tuesday. While the sale price was not disclosed, the end value for the development once it is built and occupied is put at about £75 mln (EUR 112 mln).

Under the current masterplan, work on the site is scheduled to begin in the fourth quarter of 2007, with the completion of an initial 40,000 m2 of space expected for the autumn of 2008.

Parkridge established a base in Moscow in November 2006 and has begun working on both joint venture and direct projects in all sectors. While the initial focus of interest in the Russian market is industrial distribution developments, Parkridge said that its Russia team is also looking for opportunities in the mixed-use (light industrial schemes and business parks), offices, land and retail sectors.

This year, Parkridge’s Russia operations will focus on Moscow and St. Petersburg, where existing demand is highest, although the group is also looking at investments in other major cities like Krasnodar, Rostov and Novosibirsk. The aim is to build a portfolio of about 1 million m2 over the next five years.

Parkridge’s industrial business was acquired in February by US rival Prologis for about EUR 447 mln.