Russian food store chain Dixy Group has signed a build-to-suit agreement with local developer PNK Group for the construction of a distribution centre in the Vnukovo district of Moscow.

Cushman & Wakefield was involved in the transaction as a consultant.

The project represents an investment of over RUB 2.6 bn (EUR 62 mln) and will involve the development of 44,000 m2 of logistics facilities.

Construction is expected to be completed in the second quarter of 2012. International adviser Cushman & Wakefield advised on the deal.

It is the fifth built-to-suit project secured by PNK Group, said managing director Oleg Mamayev. 'The total area of built-to-suit projects implemented by PNK Group amounts to 145,000 m2,' he added.

Dixy Group, founded in 1999 in Moscow, is the third largest Russian retail operator in the food retail market. In June this year, the company acquired competitor Victoria Group, a chain with RUB 32 bn of total revenue.

PNK Group is a full-service development company focusing on industrial and logistics space.