Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

MOSCOW-Carrefour and Kuznetsky Most Development have signed a preliminary lease agreement for the River Mall in Moscow, a giant 258,000 square-meter shopping and entertainment complex to be constructed on a former plant located along the third transportation ring road facing the Moscow river next to Avtozavodskaya and Tulskaya metro stations.

The mall is scheduled to open at the end of 2010 while the Carrefour hypermarket will open its doors in 2011. Carrefour is to lease about 13,000 square meters and will be one of the anchor tenants of the complex. The first Russian hypermarket under the brand name Carrefour was opened in Moscow only in June and its first hypermarket outside Moscow was opened in Krasnodar in September.

Before the end of this year another store is to be opened in Lipetsk. Kuznetsky is being financed by the Bank of Moscow, and Colliers International is exclusive broker for the project.