The Abu Dhabi Investment Authority, established in 1976 by the government of the Emirates of Abu Dhabi, could be planning to purchase the Summer shopping center located on the Pulkovo highway in St. Petersburg. The 116,000 sqm center was built in 2011. Originally, the project belonged to Gals-Development and the French Apsys Group, but the Russian developer eventually bought out its partner and then put the complex up for sale. As of the end of 2015, the center had opened 35 new stores and its occupancy rate has risen to 97 percent. The average footfall at the complex rose 8 percent last year, compared to 2014.
The purchase of Summer would be Abu Dhabi Investment Authority’s first acquisition in the Russian real estate market. The group operates globally and reportedly manages assets of $621bn, of which 5-10 percent is invested in real estate in 41 countries. The market value of the shopping center Summer is estimated at RUB 10bn
