Mega shopping project in Moscow sold for some 600 million euro

Mega shopping project in Moscow sold for some 600 million euro

Lotus City, a 1.5 million sqm large real estate project near Moscow, has been sold to two Russian real estate tycoons, Zarakh Iliyev and God Nisanov. Cushman & Wakefield believes the deal may be worth around 600 million euro.

Over 100 hectares

A spokesperson for both Russian billionaires has confirmed the deal in The Moscow Times, but refused to state a figure. Lotus City will be Moscow’s largest real estate project by far, dwarfing the Vegas shopping centre in southern Moscow (400,000 sqm) and the MEGA shopping centre in Belaya Dacha (300,000 sqm).

 

The first phase of this shopping centre, located in a huge complex near the Kaluga highway at the south-east of the Russian capital, already takes up200,000 sqm. The project should not only house stores, but also a place to live, a business centre and a location for a luxury hotel.

 

Not a blank slate

Forbes lists Iliyev and Nisanov among the richest forty Russians, estimating their are worth 3 billion dollars each (some 2.2 billion euro). They own the Radisson Royal Ukraine Hotel, the Radisson SAS Slavyanskaya Hotel in Moscow and the Yevropeisky shopping centre in Moscow.

 

The business duo is not a blank slate: they used to control the Cherkizovsky market in Moscow, which had to be closed in 2009 because of counterfeit and immigration violations. The duo also owns the Sadovod market, raided last fall because of potentially illegal workers, according to The Moscow Times.

 

 

 

(Translated by Gary Peeters)

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