In what many analysts see as being the most severe downturn in the real estate market since Ukrainian independence with worse anticipated to come, international property advisor DTZ have secured the instruction to provide a fully-integrated management service in relation to the 80,000-m² Riviera Shopping City nearing delivery in Odessa.
Riviera Shopping City is being delivered in phases by UK developer Argo Real Estate, led by Magnus Lofgren and Robert Provine, and will extend to 80,000-m².
Phase 1 comprising a build to suit 14,000-m² stand-alone retail unit to be occupied by German DIY retailer OBI which will be delivered and opened during February 2009. Phase 2 of the development, comprising what will be upon completion the largest retail mall in Ukraine, will provide around 66,000 m² of gallery space anchored by German Hypermarket retailer 'REAL' and Media Galaxy.
The Shopping City includes a food court and Planet Cinema multi-screen complex with an IMAX Screen. Shopping outlets will include Zara, Topshop, Pull & Bear, Calvin Klein Jeans, Brocard, Re Reserved, Mango, Cropp, Adidas and Monton.
Leveraging their well-established and active retail centre management team based in Poland who, now manage in excess of 250,000 m² of retail center space in 11 centers across Poland.
DTZ Ukraine has established retail center management as a stand alone business line within their Ukrainian operation headed by Director of Building Services Ben Hunt.
Nick Cotton, Managing Director of DTZ Ukraine said "We are delighted to have secured this instruction. DTZ have been involved throughout the development of the Riviera Scheme from initial concept consultancy, exclusive mall leasing and, now full property and facilities management. The Riviera scheme is continuing to lease well, remains fully financed and, remains on target for delivery and official opening in August 2009. This not only demonstrates the ability and professionalism of Argo Real Estate but, also their confidence in DTZ as their service provider."
DTZ will be providing a fully-integrated asset management function including the appointment of all on-site management staff and, tenant, facilities and marketing management of the centre. DTZ intend to expand this business line to other retail centres throughout Ukraine based upon the investments made into the management platform set up for Riviera.