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ORCO extends activities in Russia

Real estate developer Orco announced in a press release that the company has agreed to forward purchase of a large-scale shopping centre, newly in the west part of Moscow.

The project represents modern western style shopping providing its visitors with an opportunity to enjoy a mix of shopping and entertainment under one roof. The renowned international fashion brands on offer include Zara, Promod, Marks & Spencer, C&A along with the biggest Russian children hypermarket Detskiy Mir and Carrefour as the anchor tenant of the whole project.

With a deficit of land in Moscow, there will be very few comparable projects of this scale and importance so close to the city center, Orco said.

Filion shopping centre, formerly known as Na Bagrationovskom, is located West of Moscow in the most affluent district of the city within a two minute drive from one of the main roads leading out of Moscow.

To the North there is a large industrial zone that has been earmarked for redevelopment into a mixed use scheme called the Big City project totaling approximately 20 million square meters (sqm) which will add an additional 250,000 inhabitants to the immediate local population, by 2020.

The site comprises 3.4 hectares and has a gross buildable area of 122,367 sqm (including 39,402 sqm of parking) providing 54,477 sqm of leasable space over three aboveground floors and one basement level. Nine months before opening, the shopping centre is 98% let to 144 tenants with 90% of income secured to international and major national brands. Rubin Development is currently in process of construction with the opening date planned for Q1 2009. (press release)