Russia-based Lenta Rents Space in Finnish investors’ Retail Center in St. Petersburg

Published By : 07 May 2015 | Published By : QYRESEARCH

Lenta, a daily consumer goods chain based in Russia has rented space for a hypermarket and is expected to become one of the topmost tenants in the Okhta Mall shopping center constructed and developed by SRV in St Petersburg. Lenta has rented a floor area of over nine thousand square meters, which is almost 12% of the total rentable area of the shopping center. Lenta will bring its new, high-quality concept to the shopping center.

Veli-Matti Kullas, the SVP of SRV project development in Russia, says that Lenta is one of dominating daily consumer goods chains of Russia and has a long-term and victorious history in the market of St. Petersburg. The chain is admired among local consumers. Through this contract, they have established a close link with the major daily consumer goods operator, whose biggest single shareholder is TPG Capital, the U.S. investment company.

After the signing of the agreement with Lenta, the binding lease agreements cover approx 25% of the premises of the Okhta Mall. Taking into account the letters of intent, over 40% of the retail space has been set aside. Among the tenants are the distinguished brands such as H&M, Decathlon, Mama, the local hypermarket of children goods, and the Finnish University Pharmacy as well as other brands that are very popular in Russia. The shopping center will open in the year 2016.

Okhta Mall shopping center is being constructed in the immediate neighborhood of St. Petersburg city center, next to the excellent transport links. The SRV owns 45% and the Russia Invest occupies 55% of the shopping center.
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