CRE #6 (181). Журнал №1 на рынке коммерческой недвижимости в Москве и России. Commercial Real Estate

#6 (181) 16-31.03.2012

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INTERVIEW

Aniko Kostyal: “If most brands do not open, we do not pay the full rent”

Major international retailers are starting to show interest in small Russian regions with populations from 200,000. Despite the incipient state of retail real estate there and a shortage of adequate SCs for operators to choose from, retailers are finding opportunities for development. The Russian experience of Mango, a major retail company, is unique in that it has endured two crises here and yet continues active expansion, in spite of a shortage of high-quality SCs, high rental rates and the sometimes inscrutable mentality of proprietors. Speaking about this and much more in an interview with CRE is Aniko Kostyal, development director for Russia and the CIS at Mango.

COVER STORY

Modern Rentiers

A result of the financial crisis of 2008–2009 was the complete makeover of ownership on Moscow’s commercial real estate market. The erstwhile kings of the market were replaced by new investors, who avoided the banks’ traps and had their own funds, which allowed them not only to continue their own construction, but also to buy up the assets of less fortunate competitors. Given the prohibition on new construction in downtown Moscow, these assets will only increase in value, so the major financial groups continue buying up interesting assets following the crisis’s end.

HOT TOPIC

Well-Forgotten Land

From April the rules of land use in Moscow and St. Petersburg will change. In the words of public officials, a large part of vacant plots will be requisitioned. In this way will it be possible to solve the problem of chronic scarcity of land in the both capital cities. However, it’s quite likely that we’ll see just a redistribution of parcels in favor of the real estate market players who are loyal to the policy pursued by the present-day city authorities.