MOSCOW—Morgan Stanley Real Estate Investing says one of its funds has bought the Metropolis shopping mall in what it called Russia's biggest commercial real estate deal.
Metropolis, which has a total size of 205,000 square meters, is one of Russia's most sizable shopping centers. It was acquired from Capital Partners, a real estate developer, for a price of $1.2 billion, several sources told Reuters.
Developed by Capital Partners, Metropolis opened in 2009 and it includes 82,000 square meters of fully enclosed retail space and 2,900 parking spaces. It is widely recognized as Russia's premier retail development with a favorable location in the north-west of the city, along a highway and next to the metro station Voykovskaya.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
