DTZ

Riviera

DTZ’s work to provide a fully integrated retail service at the 83,000 sq m Riviera Shopping City shopping centre for Argo Real Estate Opportunities Fund.

Overview

DTZ’s retail team in Kyiv was commissioned by Argo Real Estate Opportunities Fund to provide a one-stop service for Riviera Shopping City, which included consultancy on centre design and layouts, strategic advice on tenant mix, advice on marketing strategy, pre-leasing, and full property management set-up with ongoing service delivery.

What DTZ did

• Provided a comprehensive evaluation of the proposed centre and provided recommendations on the layout of the gallery areas 
• Prepared a strategy on an appropriate tenant mix given the scheme’s strategic location on the outskirts of Odesa 
• Despite market conditions, around 80% of the development was pre-leased prior to opening 
• DTZ’s property management team set up the management structure for the centre prior to opening, recruited operational and marketing personnel, created financial reporting systems

Results

Due to our outstanding contacts with retailers both in Ukraine and other European countries, the DTZ retail leasing team has continued to secure pre-leases in spite of the extremely challenging market conditions of the 2008/9 global economic slowdown. As of the first quarter of 2010 92% of retail premises are leased. Full shopping centre occupancy is expected at the end of May 2010.

DTZ also retains responsibility for running the centre on a day-to-day basis.