Renaissance Development may acquire the Abramtsevo shopping mall located in the east of Moscow (328 thousand square meters in area, currently under construction), the Kommersant reported. referring to two sources in the real estate market.
The transaction value may reach $120 million. Besides, Renaissance Development will need to invest $350 million in the project completion.
The owner of the Abramtsevo construction project is Krona-market. The Russian developer intended to complete the project as early as in 2009, but the financial crisis derailed these plans.
Renaissance Development is an investment company specializing in the acquisition of land plots for construction purposes, design, construction, finance and real estate management in St. Petersburg. Renaissance Development is part of the Renaissance Construction group (Turkey) which owns more than 2.9 million square meters of commercial real estate in Turkey, Russia, Ukraine, Libya and Syria, with assets amounting to $3 billion.