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City news, 02.04.2004 16:20

‘Ramstor’ starts in Saint-Petersburg

‘Ramstor’ starts in Saint-Petersburg The first ‘Ramstor’ hypermarket will open its doors in 2004 in St. Petersburg. ‘Ramenka’ company has already invested $30 million in the project, Murat Daran, the Investment Director of ‘Ramenka’ said. “By the end of 2004 our company will have built a multi-functional shopping mall with more than 40 thousand articles available on sale. The nearby territory will have a playground, open-air parking lot for 600-700 cars, several cafes and restaurants”, Murat Duran added.

The hypermarket is to appear at the intersection of Korolev Street and Kolomyazhsky Prospect, along the Udelny Park. The land plot is 30 thousand square meters. A Turkish construction company had to pay $1.9 million to get the leasehold rights for the land which used to be owned by the city.

In April ‘Ramenka’ is about to call a tender among the developers to obtain construction rights. The Turkish company ‘Enka’ that possesses 50% stock in ‘Ramenka’ is most likely to become a general contractor of the project.

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(c) 2000