Northern European Properties buys Forum shopping center in Murmansk, Russia (RU/UK)

Jones Lang LaSalle has advised Northern European Properties Ltd on the investment purchase of a Forum shopping center in Murmansk, Russia, from local developer, Kristi Company.

Forum shopping center is located in the southern east part of Murmansk on the intersection of two main roads Leningradskoe Shosse and Kolsky Prospect. The scheme holds a prominent position and benefits from excellent visibility and access from both public and private transport.

Forum was opened in 2006 and is the first and only retail scheme that complies with the investor quality standards in the city. The shopping center provides approximately 16,500 m² of leasable area and contains a number of international brands and strong anchor tenants including Ramstore, Mir, Kronverk Cinema, OGGI and Ile de Beaute. There are two surface parking lots next to both entrances to the shopping and entertainment center consisting of ca. 500 car spaces. Buses from each district of the city and the extension of the existing trolleybus route are making the shopping and entertainment center easily accessible for potential buyers.

Mark Jagger, Managing Director, Jones Lang LaSalle, Russia & CIS, commented, "Forum is a remarkable project for Murmansk, one of the fastest developing cities in Russia's regions. Highest concept quality, strategic location at principal thoroughfare between two main city roads makes it an institutional quality project."

Kari Paajanen, Area Manager St Petersburg, Northern European Properties Ltd., said, "We are pleased to acquire a property of high quality that matches the requirements of Northern European Properties Ltd. With this acquisition the company is making good progress in delivering on its strategy to broaden the geographic focus in Russia and to build up a high yielding portfolio with stable cash-flows."

Source: Jones Lang LaSalle

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