SUN Investments Partners bought a shopping center in center of Novosibirsk / Новости / Коммерческая недвижимость CRE / Аренда офиса Москва, продажа офиса, аренда склада в Москве, продажа склада, аренда продажа помещений, офисная недвижимость, складская недвижимость, торговая недвижимость / Commercial Real Estate

SUN Investments Partners bought a shopping center in center of Novosibirsk 04.12.2009

SUN Investments Partners bought a commercial center in the center of Novosibirsk.

The company set up by founders of Kopeika retail chain, Sergei Lomakin and Artem Khatchaturyan, bought an unfinished shopping center Omega Plaza in the center of Novosibirsk.

The seller is RID Group, reports Kommersant. The total area of the complex is 20k sq. m. The purchase also included a 3.2ha plot. The new owner is OOO Alansa Group, 100% owned by Cyprus based Wondertower Enterprises Ltd. SUN Investments Partners is a beneficiary of Alansa Gorup.

According to the project of RID Group, Omega Plaza was to make140-160lk sq. m. but in October of 2008 due to lack of funding the project was frozen and put for sale. It was when Construction Director of RID Group, Igor Ivanov said that at the end of 2007 Raiffeisen Bank estimated the cost of the building and the plot at $80m. Since the “market situation got worse”, the Group was willing to sell the project at $60m. Mr. Lomakin and Khatchaturyan got the unfinished project for just over $30m, reports the newspaper.

SUN Investments Partners designed its own concept of the shopping center: its total area will make 90k sq. m. including 56k sq. m. of rentable space located on four floors. The cost of the new project is around $100m and the construction is planned for spring 2010 while the new center is to be put in operation by 2013.

Director of Novosibirsk research and consulting company RID Analytics, Elena Ermolaeva, says that Omega Plaza has a favorable location. An existing shopping center located in the same neighborhood Festival (27k sq. m.) is now ranked five in terms of the amount of consumers and is ahead of other larger projects. By the time the shopping center is put in commission, rental rates can get back to pre-crisis level, says Director of Commercial Property at Penny Lane Realty, Alexei Mogila, and annual profit of space leasing can reach $18m. In this case, the payback period of the project will make up to seven years he says.

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