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. Last Updated: 07/27/2016

Mall Chain Planned for Regions

Former Alfa Bank vice president Mikhail Pechersky will jointly invest with Eldorado co-owner Igor Yakovlev in a $900 million project to create a chain of shopping centers across Russia, Kommersant reported Friday.

The first two complexes, costing $300 million in total, will begin construction in Novosibirsk from March. Yakovlev will be investing 30 percent of the required funds, the newspaper said.

The size of the shopping centers in Novosibirsk will be around 165,000 square meters and 55,000 square meters respectively, marketing director at investment firm ADG Danil Savkin said, the newspaper reported.

"I don't exclude the possibility that we could collaborate in projects in Sochi, Tyumen and Lipetsk, although the plans for them have not yet been revealed," Savkin said.

A source close to the project said the agreement between Pechersky and Yakovlev had been sealed last year. "Yakovlev's share in the investment is no less than 30 percent, although this project will be completely separate from his dealings with Eldorado," the source told Kommersant.

This news of investment into retail centers in Russia comes soon after Austrian holding Meinl European Land's announcement in late January of its plans to spend $390 million on constructing a shopping center in the Moscow region.

Meinl also revealed it plans to build two other shopping centers in Ryazan and Rostov-on-Don by 2009.