Icelander to Construct 40 Malls in Russia Skip to content

Icelander to Construct 40 Malls in Russia

Ingólfur Skúlason, CEO of Moscow-based BV Development, which he founded over a year ago with Russian and British business associates, is planning to construct 40 shopping malls in Russian cities within seven years.

“I aim to take advantage of the window that has opened up in the Russian economy,” Skúlason told Morgunbladid. “This is a gigantic project and will cost around USD 6 billion (EUR 4 billion).”

Each shopping mall is scheduled to be about 100,000 square meters in size and cost nearly USD 150 million (EUR 106 million).

Skúlason said BV Development is planning to enter the Ukrainian market next year.

BV Development is involved in property development and specializes in purchasing land and construction, including office buildings, hotels, apartments, summerhouses and other types of real estate, which the company then sells.

Skúlason has lived in Russia since 1993.

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