FASHION HOUSE Development (FHD), a leading outlet development company in Central and Eastern Europe, has chosen a letting agent for their first Russia-based project, FASHION HOUSE Moscow. Russian consulting firm MAGAZIN MAGAZINOV, part of the CB Richard Ellis network, will exclusively represent FHD in the Russian market.

FASHION HOUSE Outlet Centre Moscow will be built in Leningradskoe shosse, near Sheremetyevo International airport. The site is 38,580 sqm with a GLA of 28,765 sqm and will be home to 192 units, foodcourts and cafes, 1,865 parking spaces and a children’s play area, all themed with Moscow classic and traditional architecture. It has a catchment of over 13.4 million within a 90 minute drive time and is due to open in November 2011.

"Preliminary market research of retailer demand showed a high level of interest for FASHION HOUSE Moscow,” commented Marina Markova, Senior Retail Property Adviser and project manager at Magazin Magazinov part of the CB Richard Ellis network. “It is a unique retail offer for the Russian market; an outlet brings together a range of high quality brand names, all offering discounts of up to 70 percent, which is good for the consumer as they will have a brand and value shopping experience all under one roof -and it’s good for the retailers as they can ensure brand control and maximise sales.”

Neil Thompson, CEO of FASHION HOUSE Development, commented: "FASHION HOUSE Moscow is the first of many projects in Russia, and it is crucial that the team working on it is the best. GVA Outlets London office will be looking after leasing for international brands while the domestic leasing will be done by Magazin Magazinov part of the CB Richard Ellis network, a professional team of experts, with a deep knowledge of Russian market. We are really looking forward to working with such a great team."

As well as the Moscow project, FASHION HOUSE Development has just completed the acquisition of their second Russian site in St. Petersburg and has several more in the pipeline. FASHION HOUSE Outlet Centre St. Petersburg is 37,000 sqm and will be home to 172 units, foodcourts, children’s play area and 1,200 car parking spaces. It has a catchment of over 4.2 million within a 90 minute drive time and is due to open in 2012.

FASHION HOUSE has Outlet centres already operating in Warsaw, Sosnowiec, Gdansk and Bucharest West as well as live projects in Bucharest East, Moscow and St. Petersburg.

Source : www.europaproperty.com, 28.06.2010