Gallery shopping and entertainment complex located on Ligovsky Prospekt in the Russian city of St. Petersburg can be sold by its owner, Vedomosti newspaper reports on Tuesday.
This complex is one of the most visited shopping centers in Eastern Europe. As the newspaper notes, Morgan Stanley Real Estate Fund (MSREF) VII considers this option due to the fact that the term of MSREF VII is already coming to an end. However, in the absence of a buyer, the term can be extended.
The cost of Gallery shopping center with a total area of more than 190,000 square meters will be at least $1 billion. Now the company is looking for a broker. As a reference, in the construction of the facility, which was commissioned seven years ago, over $500 million was invested.
It should be noted that Morgan Stanley has been working with Russian assets for many years. The fund acquired Gallery shopping center in 2012, while the next year, it purchased part of Metropolis complex in Moscow.