Morgan Stanley is buying Aura, the largest shopping centre in Novosibirsk, for $1 billion

 02/27/2013, 13:45
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Morgan Stanley is buying Aura, the largest shopping centre in Novosibirsk, for $1 billion
Aura shopping centre in Novosibirsk, photo from auramall.ru

A Morgan Stanley investment fund is in talks to buy Aura, Novosibirsk’s largest shopping and entertainment centre, from the Turkish company Renaissance Construction, a source familiar with the situation reported to news agency Interfax-Siberia.

According to him, the deal to buy the mall, located in the centre of Novosibirsk, is in its final stages. The estimated cost is up to $1 billion.

The agency source noted that Aura is among the ten largest shopping centres in Russia based on 2012 revenue.

A Renaissance Construction spokesman declined to comment on the deal, nor to report the results of the Novosibirsk mall.

Renaissance Development, a subdivision of Turkish company Renaissance Construction, opened the Novosibirsk Aura in March 2011. Investment in the project amounted to €150 million. The total area of the shopping centre is 150,000 square metres, including 62,000m² of retail space. There is two-level underground parking for 1,600 cars. On opening, Aura became the largest shopping centre in Novosibirsk. Mega (130,000m²) is second on area.

German electronics store Media Markt, hypermarket O’KEY, multiplex Kronverk Cinema and entertainment complex Cosmic are the centre’s anchor tenants.

At the time of opening, investors reported that footfall in Aura was anticipated to be 60,000 — 70,000 visitors per day.

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