Cushman & Wakefield Stiles & Riabokobylko (C&W/S&R) announce that on Thursday, 29th May, an official dedication event took place for Phase I of Volga Industrial Park (VIP). The event was attended by the Vice-Governor of Nizhny Novgorod Region Irina Zhivikhina.
Volga Industrial Park is a class-A industrial park in Kstovo, Nizhny Novgorod region and part of the Kstovo Industrial Park and is located on 140 hectares in the Kstovo region, about seven kilometers from Nizhny Novgorod. The new development will consist of three class-A warehouses of 60,000 m² each for a total of approximately 180,000 m². The project is being developed by Kstovo Industrial Park 1 LLP and funded through a joint venture between private equity fund Amstar Global Partners and Griffin 2 Development. C&W/S&R is the exclusive leasing agent for the project.
The first phase of Volga Industrial Park will be delivered in Q4 2008 with plans to roll out the subsequent phases of the project approximately every 9 to 12 months until Q1 2010. The new development will sit alongside neighbors such as the production plant for Coffee Grand, Kamaz truck service centre, build to suit industrial warehousing and office facilities in Kstovo Industrial Park.
Irina Zhivikhina, Vice-Governor of the Nizhny Novgorod region, said: "Nizhny Novgorod is one of the most dynamic regions in Russia today. This project exemplifies the type of investment we are constantly working to attract".
Alexander Dubinin, Marketing Director, Griffin 2 Development, said: "Our project has attracted the attention of a number of potential tenant, both Russian and international companies, that are already present on the local market or considering expanding in the Volga region".
Egor Dorofeev, Head of Warehouse and Industrial, Cushman & Wakefield Stiles & Riabokobylko, said: "A facility of this caliber and quality is desperately needed in Nizhny Novgorod as industrial tenants are increasingly exacting in their demands for real estate".