CB Richard Ellis is tieing up with Russian retail property services firm Magazin Magazinov.
CBRE has signed an affiliate agreement with Magazin Magazinov, run by Anna Shiryaeva, which has 45 people based in Moscow.
The firm advises retail tenants and landlords in both shopping centre and high street sectors and was founded in 1999 by managing director Shiryaeva.
CBRE has been in talks with the firm for the past 18 months, led by Malcolm Dalgleish, chairman of EMEA Retail at CBRE.
The move is part of CBRE’s plan to grow across Europe in retail advisory services. It last year bought Espansione Commerciale in Italy and C&T Retail in Belgium.
Dalgleish said: ‘This isn’t a deal you would do unless you really believe in it. The opportunities offered by the scale and increasing maturity of the Russian market remain attractive to many of our international clients in spite of wider global economic uncertainty. We will now be well positioned to help retailers adapt to the current climate.’
Anna Shiryaeva, managing director at Magazin Magazinov, said: ‘CB Richard Ellis’s global platform enables us to provide local expertise to developers and investors seeking to enter the Russian market, and international retailers looking to secure brand presence in the country’s key cities.’
The affiliation could lead to expansion in Russia and potential links with growth in central and eastern Europe. Russia has the largest shopping centre development pipeline in Europe.