Case Studies
Aura Shopping Center
Novosibirsk, Russia
Aura Shopping Center is located in Novosibirsk, the third largest city in Russia (population of 1.4 million) with incomes exceeding the Russian average due to the city’s major industrial and transportation enterprises. Built on an infill site and surrounded by high-end residential towers, Aura’s design, construction quality and tenant mix make it the highest quality shopping center in Novosibirsk and one of the preeminent malls in Russia. The 61,000 sqmproject features a diverse mix of more than 200 international and domestic retailers, a seven-screen cinema, a bowling alley, 22 restaurants and cafes and 1,700 underground parking spaces.
Although construction financing was all but frozen in 2009, Amstar was able to source and secure one of the only Russian construction loans given during the financial crisis, allowing construction of Aura Shopping Center to proceed. While projects throughout Russia were stalled, Amstar and its joint venture partner, Renaissance Development, continued construction and delivered Aura amongst little competition and high tenant demand. As a result, the project opened 99% leased in March 2011, exceeding Amstar’s high expectations and supporting the investment strategy of developing institutional-quality real estate in undersupplied markets.