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Sonae Sierra will Partner with OST Development to Manage Mozaica in Moscow

August 27, 2014, 11:14 (PX Newswire)

Sonae Sierra, the international shopping centre specialist, has signed a contract to create a 50/50 joint-venture with OST Development for the provision of Property Management and Leasing services to the development pipeline of this important professional services client.
Currently OST Development is involved in the development of three projects in central Russia: Mozaica Shopping and Entertainment Centre and Yasenevo Mixed use project, both in Moscow, and shopping and entertainment complex in Tula.

Mozaica, scheduled to open in the end of 2014, will be a reference for retail and leisure in the Russian capital with more than 210 shops in 67,800 m2 of GLA. The new shopping and entertainment centre will offer a unique tenant-mix, including large tenants such as Lenta hypermarket, Kinomax multiplex (with an Imax cinema), Decathlon, Kiabi, Masha and the Bear edutainment complex, Zara, Massimo Dutti, Stradivarius, Oysho, Pull&Bear, Bershka, Zara Home, H&M, Monki, Mango, HE, Violeta, Cortefiel, Rive Gauche, Deichmann and others distributed in 3 floors, which will serve a population of 2.3 million inhabitants in a 30 minute driving distance. The new joint-venture company will do the property management of Mozaica, as well as the leasing activities after opening in order to continuously evolve the tenant mix.

Located along the Third Transport Ring of Moscow, Mozaica development also includes the creation of the entire surrounding infrastructure, allowing an excellent access to the shopping centre, as well as 2,500 parking spaces with all the necessary conditions to complement the shopping experience with unique leisure activities for a social destination.

For José Falcão Mena, Sonae Sierra Director responsible for EMEA Services, "This contract with OST Development is an important step to grow our professional services activity in the Russian market, and confirms the demand for unique specialised services in the country. After several architecture, market intelligence and other consulting services rendered in Russia, we consolidate our presence in the country by joint-venturing with a key-client to provide property management and leasing services to its retail projects. We look forward to support OST Development in developing unique shopping experiences in their projects and increase our presence in the Russian Market."

OST Development Commercial Director, Mr. Alexey Kuzmin, "We are pleased to work with Sonae Sierra in all our retail pipeline and focussed in positioning Mozaica Shopping and Entertainment Center as a truly unique destination in Moscow. Thanks to our joint-venture with one of the leading European shopping center specialists this new retail and leisure offer will serve Muscovites with an attractive tenant mix, high quality marketing and customer services, and a modern atmosphere for time-spending and socialization. The international project team will deliver a break-through shopping experience served by good access and excellent location in central Moscow."

In macroeconomic terms, Russia benefits from a growing middle class with reflection on long term retail turnover, especially in the capital city where consumption is an important drive of national economy. The country presented an annual GDP growth rate of 2% in the last quarter of 2013. With a population of 145 million people, with 11.5 million estimated living in Moscow, the world's largest country has 27% of its population under 24 and 46% between 25 and 54, supporting international competitiveness and a growing young middle class. Furthermore, Russia presents a large retail real estate development opportunity with only 125m2 GLA/1.000 inhabitants when compared to the European average of 270m2 GLA/1.000 inhabitants.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 47 shopping centres, with a market value of more than €5.9 billion euros, and is present in 4 continents and 14 countries: Portugal, Algeria, Azerbaijan, Brazil, China, Colombia, Germany, Greece, Italy, Morocco, Romania, Russia, Spain and Turkey. Sonae Sierra manages and/or leases 82 shopping centres and a total Gross Leasable Area of 2.6 million m2 with about 8,300 tenants. In 2013, the Company welcomed more than 406 million visits in the shopping centres it manages. Currently, Sonae Sierra has 6 projects under development, including 3 for third parties, and 4 new projects in pipeline.

About OST Development

OST Development is a Russian development company, specializing in development and construction in Moscow and regions of Russia. Current development portfolio of the company includes 0,5 million m2 of retail and mixed use space in Moscow and Tula, as well as over 0,3 million m2 of completed retail, residential and office projects in the Russian capital and city of Norilsk. The biggest project of OST Development - Mozaica Shopping and Entertainment Centre in Moscow - is scheduled for opening at the end of this year.

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