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. Last Updated: 07/27/2016

Real to Spend $900M on 20 Markets

German supermarket chain Real is to invest $900 million to build a chain of 20 hypermakets in Moscow beginning later this year, a City Hall official said.

Igor Guliyev, the head of Moscow's land committee, said Real plans to complete the chain within the next three years. A delegation of city officials will leave for Germany on Wednesday for talks with the company.

Real is a subsidiary of Metro AG, which has opened two cash and carry stores in Russia through its Metro Cash & Carry GmbH subsidiary.

A Real official in Poland confirmed the chain plans to enter the Russian market, but refused to give details.

Real officials presented their plan to Mayor Yury Luzhkov during a visit to Moscow last week, Guliyev said.

In Germany, city officials and Real will discuss which land plots will be allocated for construction, Guliyev said. The first store should open at the end of 2002 or the beginning of 2003, he said.