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REC enters Russian property market

REC Real Estate Consultancy has completed its first technical due diligence of a commercial property in Novosibirsk.

The Frankfurt am Main based property consultant specialises in all technical issues involving commercial real estate, in particular technical asset management.

The shopping centre assessed was the Aura Novosibirsk. The client was the Turkish developer and investor Renaissance Gayrimenkul Yatırım. Founded in 2006, Renaissance is specialised in shopping centre and office buildings. The company is part of the Renaissance Group, which is present in 20 countries with 15,000 employees in the business areas of construction, real estate development and management, energy supply and harbour development.

REC performed a comprehensive on-site technical and health and safety check based on German and international standards. The Siberian shopping centre is located in Novosibirsk, the third largest city in Russia with 1.5 million inhabitants.

Aura Novosibirsk was opened in March 2011. It has 215 shops on a lettable area of 61,000 sq m. The total complex has 150,000 sq m with 2,000 parking lots.

“This assignment has been challenging, as we were dealing with one of the biggest shopping centres east of the Ural. Surprisingly, the cultural differences between Western Europe and Siberia are unexpectedly small. In the end, good engineering based on international standards remains good engineering – independently of where it is implemented,” says Jens Dehnbostel, managing director of REC, who had been on site in Siberia managing the technical assessment.

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