Subscribe to Print Edition | Thu., August 07, 2008 Av 6, 5768 | | Israel Time: 02:32 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate Easy Start Travel Week's End Anglo File

Engel planning $400m Moscow area strip malls By Michael Rochvarger Tags: Moscow, Israel Yaakov Engel's real estate development company, EngelInvest, plans to build 10 power center style, strip mall commercial projects in the Moscow area. Engel will invest $400 million in building the centers, and anticipates revenues totaling $850 million. The projects will be built jointly with a local partner who will build the centers and will have a 15% stake in them. The commercial centers will be built in cities in the Moscow region, where modern western-style commercial centers are still few and far between. The necessary permits for the centers have not yet been approved, but are expected in the coming days. Engel's project portfolio in Russia consists of 21 projects with a total of 1.1 million square meters of built up space and another 6,000 housing units, mainly near Moscow. A total of about $1.6 billion is being invested in all the projects, which are expected to generate revenues of $3 billion. Most of the financing for the completion of the projects will be provided by the big Russian banks. Advertisement "With the increase in global oil and commodities prices, the Russian real estate market continues to strengthen," said Mart Yudelevitch, head of the company's Russian operations. "International financial institutions have invested billions in Russia, and there is demand for millions of apartments and commercial space in outlying areas." EngelInvest operates mainly in Russia and India, where Engel has eight malls and commercial centers, five residential projects totaling 4,000 housing units and five combined office tower and business hotel projects. The projects in India have a total area of 2 million square meters of built up space. Engel will be investing a total of $1.4 billion and anticipates revenues totaling $2.7 billion. EngelInvest was founded by Yaakov Engel after he sold his holdings in the Engel Group (62%) to Shaya Boymelgreen's Azorim Investment Development & Construction for NIS 430 million. Bookmark to del.icio.us   Party for a killer Arabic TV station hosts birthday party for convicted child killer Samir Kuntar. Hamas to blame Noam Shalit says his son Gilad is holding Gaza hostage, and not the other way around.

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