Meinl European Land Limited

euro adhoc: Meinl European Land Ltd.
Mergers - Acquisitions - Takeovers / Meinl European Land develops Shopping Centre in Russian thermal region: Shopping centre and retail park with 48,000sqm in Mineralnyye Vody

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Company Information


Jersey, 30 August 2007. Meinl European Land continues its expansion in Russia and develops a shopping centre with integrated DIY market and electronic superstore with a total lettable area of 48,000sqm in the region of Mineralnyye Vody in South Russia.

The planned shopping centre is located at the intersection of the regional cities Mineralnyye Vody, Pyatogorsk, Yessentuki, Lermontov and Kislovodsk. Meinl European Land has acquired a land plot of 23ha with zoning for commercial buildings in place. The shopping centre, which will be also the first major regional shopping centre in the whole region, has a catchment area of approximately 1 million inhabitants. As the region is well-known in whole Russia for its thermal spas the population is significantly higher during the tourist season. In particular the city of Yessentuki has been popular as a spa resort since the time of the tsar and can be compared with Karlovy Vary in the Czech Republic. Consequently, tenant mix and offering will not only be adapted with regard to the local population, but will also take into account tourists´ needs.

Investment value approximately EUR 60 million - yield 13%

The investment value for the shopping centre will amount to approximately EUR 60 million and the expected yield is approximately 13%. Start of construction is planned for beginning of 2008. By this time the Company expects to have approximately 60% of the project pre-let. The opening of the shopping centre is scheduled for the beginning of 2009.

With this new shopping centre Meinl European Land has extended its development portfolio in Russia to 16 projects with estimated total investment costs of EUR 1.6bn. An additional 6 shopping centres with a market value of approximately EUR 0.6bn have been in successful operation for some time already.

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ots Originaltext: Meinl European Land Limited
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Further inquiry note:
Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107

Branche: Real Estate
ISIN:      AT0000660659
WKN:        066065
Börsen:  Wiener Börse AG / official market

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