Amstar and Renaissance Open Aura Shopping Center in Novosibirsk, Russia
Novosibirsk, Russia (April 25, 2011) –Amstar and Renaissance Development celebrated the April 16 grand opening of Aura Shopping Center, a 61,000-square-meter (657,000-square-foot) regional mall located in Novosibirsk, Russia. The project offers a diverse mix of more than 200 international and domestic retailers, a seven-screen cinema, a bowling alley, 22 restaurants and cafes and 1,700 underground parking spaces. The shopping center is on an infill site surrounded by high-end residential neighborhoods and is a five-minute walk from Novosibirsk’s central square. At grand opening, the center was 99% leased.
“Aura’s design, construction quality and tenant mix make it the highest quality shopping center in Novosibirsk and one of the preeminent malls in Russia. Tenant demand exceeded our high expectations, supporting Amstar’s investment strategy of developing institutional-quality real estate in under-supplied markets,” said Jason Lucas, president of Amstar Global Partners.
Amstar in partnership with Renaissance developed the project. Construction began during 2008 and during 2009 the development team secured one of the only construction loans for a Russian project originated during the financial crisis, a €60 million facility arranged by the European Bank for Reconstruction and Development (EBRD) and UniCredit.
Amstar and Renaissance formed a joint venture to develop projects throughout Russia and Turkey. In addition to Aura, the partnership has developed shopping centers in Istanbul and Adana, Turkey, and has a strong pipeline of future projects.
Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With more than $1.50 billion of assets under management, Amstar’s current portfolio consists primarily of retail, office, hospitality and multifamily holdings within the major markets of the United States and select markets in Europe and Latin America. For more information about Amstar visit the company’s website at www.amstar.com or contact Amstar Executive Director Rob Toomey at +1-303-534-6322.
Renaissance is one of the leading general contractors and commercial real estate development groups in Russia, Turkey and Ukraine. During its 15 years of operations, Renaissance has completed hundreds of turn-key projects and now owns a real estate portfolio valued at over $2.0 billion. In 2010, Renaissance became the second-largest contractor in Russia and Turkey and the 75th largest international contractor in the world according to ENR Magazine. For more information about Renaissance visit the company’s website at www.rendvlp.com.