Argo Real Estate Opportunities Fund announces that its Riviera Shopping City development is on track to open this summer and that demand for space from international retailers is strong. Based in Odessa, Ukraine, the Riviera Shopping City recently signed leases with sought after fashion brands Zara, Pull and Bear, Bershka and Stradivarius. Each of which are part of the Inditex Group, one of the world's leading fashion businesses with 4,278 stores located across 73 countries.
Riviera Shopping City will cover 100,000 m².
The four new tenants will together occupy some 3,000 m² in the shopping center which is anchor tenanted by a Real Hypermarket, OBI DIY, an eight-screen IMAX Multiplex Cinema and over 80 other well known international fashion, leisure and entertainment retailers, including Mango, Adidas, Reebok, Brocard, Monton, Reserved, Cropp Town and House.
Later this month, the first phase of Riviera will open comprising the project's 14,000-m² OBI DIY store, followed by a further 70,000 m² opening this summer.
In total, Riviera Shopping City will cover 100,000 m² and is Odessa's first internationally anchor-tenanted destination shopping center, located on the north-eastern edge of Odessa, an attractive and highly sought after residential area consisting of both luxury villas and seaside gated communities and it adjoins the city's highest density residential neighborhood. Odessa is located on the Black Sea in South West Ukraine and serves as one of the major trade centers and tourist destinations for Ukraine and the former CIS region.
"Odessa is an important economic area in the Ukraine and this is reflected in the strong interest from international retailing groups such as Inditex to participate in the Riviera project," said Robert Provine, Fund Manager. "Riviera Shopping City will be a significant new addition to the region introducing a number of new brands and retailers which have not previously had a physical presence in the country. We have made good progress on new lettings and we are on target to open phase one of the project covering 85,00 m² this summer."