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#Russia - Iconic shopping mall in St. Petersburg

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In 2012, a deal was struck which saw a Russian shopping centre sold to Morgan Stanley Real Estate Fund VII for $1.1 billion, making the sale the FSU and CEE’s largest ever commercial property deal at the time, writes Graham Paul.

The iconic Galeria Shopping Mall, located in the heart of Russia’s second largest city St Petersburg on the juncture of the city’s most famous thoroughfare Nevskii Prospekt, had barely opened its door for business.

The driving force behind its prize-winning development was the international investment firm Meridian Capital Limited.  Meridian Capital is an international investment firm headquartered in Hong Kong with a diversified investment portfolio spanning consumer goods, real estate, hospitality, infrastructure and natural resources.

Meridian Capital developed the shopping and entertainment centre from the ground up. A feat of striking architecture, Galeria houses seven floors with 250 floors and a total buildable area of 192,000m2. St. Petersburg's principal city-centre shopping destination was opened in November 2010 allowed brands such as French Connection and River Island to have a presence in St. Petersburg for the first time.

Within two years the property had been sold in what represented Russia’s largest commercial property deal of all time. Even more impressive was that the deal managed to buck a trend as, at the time, investment into Russia’s property market had displayed concerning signs of decline. It represented Morgan Stanley Real Estate Investing (MSREI)’s largest deal since the global financial crash of 2008.

Meridian Capital’s investment in construction and real estate projects has brought major benefits to the Russian economy. It transformed the shopping experience in St Petersburg and quickly became the city’s most visited mall helping to create jobs and generate opportunities. The substantial legacy of Meridian Capital Limited is there for all to see.

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