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Aviapark project changes owner


2010-08-23

The Aviapark project involving construction of a 510,000 m2 shopping centre in Moscow has been sold to the new owner. The project was sold by Lev Khasis – the CEO of the largest local food retailer X5 Retail Group – to another local businessman, Mikhail Zayats; who owns Amma Development. Mr. Zayats’s company was going to develop a chain of shopping centres on the Russian market with the total budget of €1.2bn in co-operation with Accent Russia Opportunity Fund but the project did not start. The project value is estimated at around €157m; the total sum of about €0.8bn is needed to complete it. However, if the project is implemented it will become the largest shopping venue in Moscow with the value amounting to €2bn.

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