Matthew Ostrower, a Morgan Stanley executive, is joining Equity One as chief financial officer and executive vice president. Ostrower has worked for Morgan Stanley in a few capacities and was an executive with shopping center REIT Gerrity Group. He also serves on the board of Ramco-Gershenon Property Trust.
Morgan Stanley's real estate trust has acquired a Moscow retail center, the Metropolis Shopping & Entertainment Mall. It is the largest foreign acquisition of Russian commercial real estate. Market sources believe the center was valued at $1.2 billion.
Union Investment, a German fund, acquired Mercado shopping mall in Hamburg from a joint venture between Pirelli & C. Real Estate and Morgan Stanley Real Estate Investing for $235.5 million, the largest investment deal this year in Germany. The 24,000-square-meter mall attracts up to 35,000 shoppers a day.
Saks Fifth Avenue snagged exclusive menswear line Kiton apparel just before the recession began, but the department store chain wants the line for the long haul. The chain is opening a Kiton boutique at its flagship Manhattan store. "A store like Saks needs to have the best product available," Saks' president and chief merchandising officer said. "And I do think the man who wants to present himself in a certain way, he's still out there."
Emaar Malls Group has added more than 200 stores at the Dubai Mall in downtown Dubai, United Arab Emirates. It plans to debut soon a corridor devoted to couture fashion, as well as an indoor theme park and a 22-screen movie theater.