(SAINT PETERSBURG, RUSSIA) – Hines, the international real estate firm, has announced commencement of the second phase of construction at Outlet Village Pulkovo, the first and largest retail outlet complex in Saint Petersburg.
The 6,500-square-meter expansion, estimated at 22 million euros, will create space for 50 additional retailers, increasing the total number of tenants to 126. Agreements with 15 tenants have already been signed and the project is expected to be 75 percent leased at the time of opening in the third quarter of 2018. Among the expected large-scale openings are such brands as Maje, Sandro, Gerard Darel, Bork, TOUS, FreyWille, Pandora, Superdy and Under Armour.
The property is currently 97 percent leased to 70 tenants. Combined with the first phase of Outlet Village Pulkovo, the total complex area will increase to 21,900 square meters after launching the second stage.
“This is a significant development for Outlet Village Pulkovo, as well as for the entire retail market in Saint Petersburg,” said Director of Retail at Hines Russia, Antoni Gascon. “We expect to have over one million visitors by the end of 2017 and are forecasting a 40 percent footfall increase after the second phase launches.”
Additionally, Outlet Village Pulkovo will open a 500-square-meter restaurant space by the end of the year. The development will combine three concepts: European cuisine, famous Neapolitan pizzas from well-known Saint Petersburg restaurant Pizza 22 cm, and traditional Chinese fare.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.