Rodamco Europe, the largest listed property investment and manager in the retail sector in Europe, entered Russia for the first time at the end of December with the acquisition of 50% of the Metropolis shopping centre development in Moscow from developer Capital Partners. The mall comprises 80,000 m[sup]2[/sup] of gross lettable area (GLA) and Rodamco said the value of the 50% stake is about EUR 200 mln.
Rodamco Europe, the largest listed property investment and manager in the retail sector in Europe, entered Russia for the first time at the end of December with the acquisition of 50% of the Metropolis shopping centre development in Moscow from developer Capital Partners. The mall comprises 80,000 m2 of gross lettable area (GLA) and Rodamco said the value of the 50% stake is about EUR 200 mln.
The deal reflects a 9.6% net initial yield on the company's total investment cost.
Work on the Metropolis shopping centre began in late 2006 and is expected to be completed by the second quarter of 2008. The development includes 80,000 m2 of office space which is not part of the transaction. Some 3,000 of the 4,000 parking spaces are designated for the shopping centre.