FASHION HOUSE Group officially launches FASHION HOUSE Moscow (RU)

On April 5, 2011, FASHION HOUSE Group held an official ground breaking ceremony to mark the start of construction of FASHION HOUSE Outlet Centre Moscow.

The ceremony was attended by the representatives of developers FASHION HOUSE Group, Liebrecht & wooD Investment Fund, the city district administration and high officials, local developer of the project GVA Sawyer, Russian leasing agents MAGAZIN MAGAZINOV, as well as over 120 guests, including friends and partners of the company involved in the project.

FASHION HOUSE Outlet Centre Moscow is the first FASHION HOUSE Group project in Russia. FASHION HOUSE Group is the leading factory outlet developer in CEE and an expert in emerging markets. Their portfolio currently includes the management of three award-winning outlet centers in Poland as well as centers in Denmark, Switzerland and Romania. They currently have development projects in Romania, Slovenia and Ukraine as well as a second Russian site in St. Petersburg.

FASHION HOUSE Moscow will be located 12 km from Moscow, on Leningradskoe Shosse, near the Sheremetyevo International airport. The site, which was acquired by the company in 2009, is ideally suited for the outlet center format – it is located in the outskirts of a capital city, with a high volume of passing traffic, and will also benefit from the planned construction of a Moscow-Saint Petersburg highway. It is in a highly populated area, with a catchment area of 13.4 million within a 90-minute drive time, has high visibility, is located on the right side of the road, has a straight driveway leading up to it and a turnaround point only 500 meters away.

The FASHION HOUSE Moscow site is 38,826 m² with 28,641 m² GLA; it will be home to 192 outlet units, a food court and cafes, 1,865 parking spaces and a children's play area. The €97-million project is funded by the Liebrecht & Wood Investment Fund.

Patrick Van Den Bossche, Managing Director of Liebrecht & wooD Group, commented: "FASHION HOUSE Group is becoming a very strategic part of our global business expansion plan and we are delighted to be involved in a number of projects in Russia. I believe we are as FASHION HOUSE the only pan-European, integrated outlet specialist uniquely able to lease, set-up, operate and market an outlet center project on a wholly-owned, franchise and independently-owned basis from inception to investor exit."

FASHION HOUSE Outlet Centre Moscow will be a fully-enclosed outlet center, which is a key factor in ensuring the comfort of visitors under the existing climate conditions, since for over six months out of a year the weather is not conducive to being outdoors for long periods of time. The architectural concept will exhibit the traditional Moscow classic architectural style. The interior will boast the "Window to Europe" concept: galleries will transport the visitors to the streets of various European cities, including London, Paris, Milan and others.

GVA Sawyer is the Russian developer of the project. The company has been working for 18 years on the real estate market of Russia and CIS, has extensive experience in the field of development, consulting and valuation. Fashion House Outlet Centre Moscow documentation has successfully been passed by the authorities and on April 3, GVA Sawyer obtained a positive conclusion of the State Expertise (Building Permit).

The outlet center is leased by FASHION HOUSE Group and the Russian-based consulting company MAGAZIN MAGAZINOV part of the CB Richard Ellis Affiliate Network, who is the exclusive leasing agent in Russia. Leasing is ahead of schedule with 65% of the first phase let which is 16,000 m².

Brendon O'Reilly, Managing Director of FASHION HOUSE Group, explains: "For all our centers we aim to provide the right mix of local, European and International designer, high street and sports brands specific to the catchment area and marketplace. We have already seen a high level of interest from local retailers and distributors of key international brands as well as directly from International and Euro

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