OREANDA-NEWS  On 19 November was announced, that Midland Development, a subsidiary of Canadian Midland Group, purchased Million Melochey [Million of Small Things] retail centre in northeast Moscow for more than USD 80 million.

Million Melochey has a 26,000sq m area and it is located in Bibirevo neighbourhood.

“The amount of the transaction worked out at over USD 80 million and the seller was a group of natural persons. The cost was fixed in May 2008, before the global financial crisis, but the transaction has now been completed officially,” Valentin Vinogradov, CEO of Midland Development, said.

According to the official, Million Melochey has a 2.5ha area but the company plans to extend a shopping capacity of the retail centre to 80,000 sq m.

“The project investment cost may be roughly USD 120 million. It will be the company’s own funds raised from the metallurgical business and the charge for leasing the other objects owned by the company,” Mr Vinogradov added.

Midland Development has already leased the 57,000sq m business centre Yuzhny Port to Sberbank (Savings Bank of the Russian Federation). According to experts, the deal can bring Midland Development up to USD 45 million per year.