Old Mutual Properties has added projects in Russia, Romania and Italy to its expanding international advisory activities.

The projects involve four retail developments in Romania and Italy, says Ian Watt, director, international operations, of Old Mutual Properties. The company is already active in Saudi Arabia through United Properties Company, its joint venture with the Savola Group, and in India through Property Zone, a joint venture with ICS Infrastructure.  The two joint ventures are busy with retail projects worth more than R6 billion. 

Watt says Old Mutual Properties is assisting in facilitating the conceptualisation, construction and development of a 25 000m² retail centre in an upmarket area of Bucharest.  Old Mutual Properties will also undertake leasing for the project. It is being designed by the Bentel architectural practice and will provide an opportunity for investors wanting a foothold in Eastern Europe, he says.

For three shopping centres in Italy, which will also provide an opportunity for investors, Old Mutual Properties is conceptualising entertainment components and is to undertake property and entertainment management in a joint venture with the Italian promoters, says Watt.

In Russia, Old Mutual Properties has undertaken site evaluations for 18 different properties for potential development for a New York-based investment group with stakes in more than 100 companies in Russia, Latvia, Bulgaria, Estonia, Kazakhstan, Ukraine, Lithuania, Romania, Georgia and Moldova.

“This Russian assignment follows an earlier project for NCH Capital Inc in Kiev, Ukraine,“ says Watt. Old Mutual Properties provided leasing, marketing, facilities management and operational support services for a retail complex in the city when it underwent a $20 million renovation. NCH owns 93% of the complex, Univermag Ukraina.

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ISSUED FOR  Old Mutual Properties

BY  Michael Kerkhoff & Associates

INQUIRIES  Ian Watt 021 -5304500

           Mike Kerkhoff 021-424-5280