Renaissance Development opens mall in Yaroslavl
YAROSLAVL. Nov 28 (Interfax) - Renaissance Development, the development arm of Turkish company Renaissance Construction, opened the Aura Shopping Mall, which cost over $190 million, in Yaroslavl Thursday, an Interfax correspondent reported from the opening ceremony.
Renaissance Development said the EBRD provided $130 million in financing for the project.
Renaissance Development CEO Elkhan Kerimli told the press that the project would see returns in eight years. Alexie Chagin, the manager of the new mall, said over 2,000 new jobs have been created.
The mall has an area of 122,000 square meters, with 63,000 square meters of shop floor, occupied by over 200 stores and restaurants. Core tenants are Perekrestok, Media Markt, Kinomax, Detskiy mir and Cosmic. The mall expects to see 25,000 to 30,000 visitors per day.
Renaissance Holding Russia and CIS President Avni Akvardar said the company plans to continue investing in projects in Russia. The company has already invested $1.14 billion and plans for that figure to reach $4.3 billion by the end of 2017, he said.
The mall in Yaroslavl is the company's third project: in 2011 Renaissance Development opened an Aura mall in Novosibirsk and at the end of 2012 in Surgut.
Renaissance Development owns 2.88 million square meters of commercial property in Russia, Turkey, Libya and Syria.
The Russian partner in the project - ECE Rusland - is a division of Germany's ECE Projektmanagement G.m.b.H & Co. KG. ECE builds, rents out and manages commercial property. It operates in 16 European countries.