OREANDA-NEWS. On 08 July 2008 was announced, that pursuant to implementation of the company’s development strategy in regional centers of Russia, the RTM Group and the Russian multi-format retail chain CJSC MOSMART have signed preliminary agreements on lease of premises at shopping and entertainment centers, which are currently under construction in Saint Petersburg and Lipetsk.

Under the signed agreements, CJSC MOSMART intends to rent shopping premises at the RTM Group’s shopping and entertainment centers for the term of 10 years. The aforesaid shopping and entertainment centers are currently being constructed in Saint Petersburg (Malaya Balkanskaya street) and Lipetsk (Tereshkovoy street). The total area of these centers is 2,990 sq. m and 4,509 sq. m respectively. The Russian retailer is planning to use the rented premises for opening compact Mosmart hypermarkets.

 “Conclusion of these agreements is particularly important for the strategic development of our companies, and it will help us to continue our development in a more successful and dynamic way,“ said Vadim Prikhodko, Deputy General Director of OJSC RTM Development for Marketing and Lease. “We are happy that such a large Russian retail chain as MOSMART will be one of the tenants at our shopping centers.“

Earlier it was anticipated that the premises at the said shopping and entertainment centers would be leased to the Grossmart store chain. However, the previously concluded similar pre-lease agreements between RTM and Grossmart have been cancelled on the RTM Group’s initiative, since the said tenant repeatedly failed to fulfill its obligations stipulated by the preliminary agreements on lease of the aforesaid premises.

The new pre-lease agreements between RTM and MOSMART are mutually rewarding. In the near future Grossmart will leave a number of other premises, and RTM will conclude agreements on lease of these premises with other tenants, including CJSC MOSMART.

The total area of the shopping and entertainment center, which is currently being built in Saint Petersburg, is about 25,000 sq. m. The center is anticipated to have a shopping gallery, an entertainment zone, a food court, a food supermarket and an electronics supermarket.

The shopping and entertainment center in Lipetsk with the total area of about 49,000 sq. m is also expected to have a food “anchor" and an electronics supermarket, a shopping gallery, and a larger entertainment zone (including multiplex cinema and entertainment facilities for children) and a food court.