IMMOFINANZ Group takes over 100% of the GoodZone shopping center in Moscow (AT/RU)

As of May 4, 2011 IMMOFINANZ Group acquired the remaining 25% stake in GoodZone, a shopping center project currently under construction in Moscow. The parties have agreed not to disclose the price of this transaction.

Picture (c) Altoon + Porter Architects LLP_GoodZone Shopping Center

GoodZone is the second-largest investment of IMMOFINANZ Group in Moscow.

GoodZone is one of the largest retail projects in this 11.5-million resident metropolis and the second-largest investment of IMMOFINANZ Group in Moscow. The first phase of construction covers more than 50,000 m² of selling space and completion costs of approx. €85 million. The second phase has a further development potential of 17,000 m² of selling space.

IMMOFINANZ Group acquired the first 75% of this shopping center in July 2007. In 2008/2009 the economic crisis resulted in the temporary suspension of construction. The takeover achieved through intensive negotiations will now ensure completion. The planned opening is scheduled for 2012.

"This transaction will enable us to quickly complete the second-largest shopping center in our most important retail market," indicated Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group.

This high-quality shopping center will provide locations for nearly 200 retail stores, restaurants and service companies as well as an entertainment area with a movie center.

GoodZone is located at a very attractive site in the Nagatino-Sadovniki district in the south of Moscow. Optimal traffic connections to two major highways, the Varshavskoe shosse and Kashirskoe shosse, make this facility extremely interesting for national and international retail partners.

Source: ACCEDO Austria GmbH

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