Atrium European Real Estate Limited, one of the leading real estate companies focused on shopping center investment, management and development in Central and Eastern Europe, announced the opening of an extension to its Volgograd Park House shopping center in Russia. The extension comprises an 11,800 m² stand-alone retail box with 314 car park spaces, which is fully let to OBI, the leading German DIY Company, under a 15 year lease agreement with options for three additional periods of five years.
The opening of the OBI extension enhances the offering of what is already a strong and well performing asset which suits the requirements of its local south Russian catchment area. Anchored by Karusel, SportMaster, Tekhnosila, Bouling Planet, Academy and Starik Khotabbych, Volgograd Park House also has over 230 other tenants across its 55,000 m² GLA. It is located on a 69,000 m² site in Volgograd and was originally opened in two phases in 2003-2004.
Rachel Lavine, CEO of Atrium, commented: "The extension to our Volgograd Park House shopping mall is a good example of Atrium's ability to deliver income producing improvements to its standing assets and is a particularly effective way of enhancing value during difficult market conditions. We continue to explore ways of creating value and improving performance at all of our operating assets and believe strongly in the potential of our portfolio."