Hines and Belaya Dacha Agrofirma have announced the closing of their joint venture in the Moscow region. Hines, representing the Hines International Real Estate Fund (HIREF), has agreed to jointly develop a mixed-use project with Belaya Dacha on land in the Moscow Region, close to the existing Mega Belaya Dacha. This represents an extension of the Hines/Belaya Dacha relationship following the acquisition by HIREF of part of the Belaya Dacha Logopark warehouse development last year.
The first phase will be a planned retail development as part of a 120-hectare integrated multi-use project to be jointly developed over the next several years. This multi-phased development will comprise a mixture of retail, office and residential uses, which when combined with diverse social and sporting facilities, will create a European-style suburban community unique to the Moscow Region. The first phase of this development will create 968,400 square feet of mixed retail space, and will attract a range of local and international retailers. Construction is scheduled to start early in 2008 with the first elements of the project to be completed in 2009.
Lee Timmins, senior vice president with Hines, stated, "We are very pleased to extend the successful Hines/Belaya Dacha partnership to this large-scale project, and look forward to this tremendous development partnership resulting in one of the highest quality developments in the Moscow Region."
According to Viktor Semenov, joint owner of Belaya Dacha, "Our goal utilizing the great experience and knowledge of our partner is to develop in the Moscow region a modern low-rise community, with the highest standards of living, work and recreation based on a unique design and innovative landscape solutions."