PPF Real Estate Russia, part of Czech-based PPF, has opened its first shopping centre in Russia, the M5 Mall in the city of Ryazan, some 185 km east of Moscow.

The scheme, offering 66,000 m2 of lettable space and 2,500 parking spaces, is the first shopping mall in the district capital of half a million inhabitants.

Financing for the investment of over EUR 100 mln was secured from the Czech Export Bank and Export Guarantee and Insurance Corporation (Česká exportní banka and Exportní garanční a pojišťovací společnost).

PPF Real Estate Russia acted as project developer and manager while Czech company PSJ acted as contractor.

'Betting on regional projects has been a smart move - from day one public interest has been enormous,' said Tomás Lastovka, PPF Real Estate Russia Executive Director. 'In the short to medium term we will continue to focus on similar projects across Russia, although our longer term objective is to use this experience gained regionally to develop projects in the lucrative Moscow market.'