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Hals-Development to extend contract with Colliers International

Hals-Development announces property management contract prolongation for LETO shopping and entertainment centre in Saint-Petersburg with Colliers International, a global consultancy. Following 2,5 years of successful collaboration on the project the agreement was extended until the end of 2017.
The contract stipulates that the property management company is to increase the shopping centre profitabiliy and popularity through rotating tenants, marketing initiatives and generally employing professional approach towards property management.  

LETO shopping and entertainment centre is one of the most successful ones in Saint-Petersburg. Once under Colliers International management, the customer traffic increased 3,5 times with 50 new lease agreements signed with the international and Russian retailers alike, for some of which LETO was the first destination in Saint-Petersburg to open up an outlet.  At the moment the retail gallery is 98% occupied while the NOI increased by a factor of 2,5. The shopping centre's GBA is 116 000 sq m while 76 000 sq m accounts for the rentable area.

Vladimir Strigin, Vice President of Hals-Development: «We are very certain that a state-of-the-art property needs a professional team to manage it so that customers and tenants get the best experience possible. The shopping centre's high profitability achieved was due to Colliers International's professionalism and global experience based on which we decided to continue our cooperation on the project.»
Nikolay Kazanskiy, Managing Partner of Colliers International: «We are pleased that Hals-Development is continuing working together with our team having retained us as a property management company for LETO shopping and entertainment centre. As part of our engagement we will fully manage the property including tenant relations, financial management, marketing and facility management. A solid foundation has been laid over 2,5 years of our involvement that made the asset much more attractive in financial and investment terms. At the moment the shopping centre serves as a source of stable income for the owner whilst being popular with tenants and visitors. 

LETO shopping centre occupies 18 ha land site in one of the most promising area of Saint-Petersburg at the cross-section of the Ring Road and Pulkovskoe Highway. The 2-level property is anchored by Auchan food hypermarket, Decathlon sports store; MediaMarkt, a W&B goods store as well as Luxor cinema multiplex. As to the fashion gallery one will find the most popular chain stores here such as ZARA, Topshop, BERSHKA, Massimo Dutti, H&M, Reserved, Promod, LOVE Republic, Mango, Reebok, Adidas, Mothercare, Mama Detyam, L’Etoile and RIVE GAUCHE, etc. Altogether there are about 200 outlets at the shopping centres as well as Mega Ice skating rink, Crazy Park kids' entertainment centre and over 20 cafes and restaurants. The above-ground parking area accommodating 3 200 spaces also includes the first rollerdrome in Saint-Petersburg that is also quite significant nationwide.