Extension to Greenwich to pay off in four years

18 December 2009 (10:00)

‘We first considered building a third extension to Greenwich Trade & Entertainment Center three and a half years ago. A year later, the construction process began. About 2.5 million RUR has been spent on the new building, of which about 40% came from our own funds, while the rest was borrowed from Raiffeisen-Bank. Remarkably, once the recession has kicked in, we actually started paying less on this loan, as our interest rate was LIBOR-dependent,’ the co-founder of 73 Malyshev St Society Igor Zavodovskiy said at a press conference devoted to the opening of Greenwich Trade & Entertainment Center’s third extension.

‘The key to success is working quickly. When the construction process takes five or more years, a shopping mall becomes obsolete before it is even opened. Also, location matters. Our center gets one million visitors every month, and we expect this figure to go up to 1.8 million people thanks to the third extension, so this extension should pay off in three to four years,’ Zavodovskiy added.

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