CB Richard Ellis Group, Inc. (CBRE) announced today that it has signed an affiliate agreement with Magazin Magazinov, one of Russia's premier retail property services companies. The agreement extends CBRE's leadership in the European retail sector and follows the recent acquisition of retail specialists in Italy (Espansione Commerciale) and Belgium (C&T Retail).
Founded in 1999 by Managing Director Anna Shiryaeva, Magazin Magazinov employs 45 people and is based in Moscow. The company provides a full service commercial real estate offering to retailers and retail property owners operating in Moscow and other key Russian cities, and has a proven track record in both high street and shopping center environments. Russia has the largest shopping center development pipeline in Europe, and Magazin Magazinov's expertise in this area will bring substantial advantages to CBRE clients looking to secure new footholds across the country.
Despite a slowing worldwide economy, Russia continues to be of keen interest to many retailers, with growing demand generating retail rent levels that now rank as some of the most expensive in the world. According to CBRE's Global Retail Rent Index, Moscow is currently ranked as the third most expensive global retail destination and the most expensive in Europe.
Mike Strong, EMEA Chairman, said: "Our EMEA retail capability has grown extensively over the past three years. The 300-strong team is now recognised as the leader in retail real estate with established local expertise in all key traditional and emerging retail destinations. The new affiliation with Magazin Magazinov is a particularly important addition to our network as the rapid development of the Russian economy over recent years presents a wealth of long-term strategic opportunities for our clients."
"The opportunities offered by the scale and increasing maturity of the Russian market remain attractive to many of our international clients in spite of wider global economic uncertainty," said Malcolm Dalgleish, Chairman EMEA Retail at CBRE. He continued: "By working with Magazin Magazinov we are exceptionally well positioned to help retailers adapt to the current climate and, where the opportunity arises, take advantage of current market conditions to grow market share."
Anna Shiryaeva, Managing Director at Magazin Magazinov, said: "CB Richard Ellis opens a unique opportunity for us to become part of a first-class retail capability across Europe. The company's global platform enables us to provide local expertise to developers and investors seeking to enter the Russian market, and international retailers looking to secure brand presence in the country's key cities."
Source: Magazin Magzanov