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Garrick-Aug forms retail alliance with Russian firm.

Garrick-Aug Associates Store Leasing Inc., America's largest retail store brokerage, announced the formationof a joint venture with Expromtorg, an international trading company with real estate holdings throughout Russia and the former Soviet Republics.

The agreement was formalized at the New York offices of Garric-Aug Associates Store Leasing, Inc. It was signed by Charles Aug, president of Garrick-Aug; and Gennady Razuvaev, president of Expromptorg.

Together, the two companies will arrange for U. S.-based retail chains and restaurants to expand their operations into Moscow, St. Petersburg, the Latvian Republic, Estonia and other locations throughout the former Soviet Union.

In addition to controlling properties suited to retail use, Expromptorg also owns and operates a construction contracting company, a network of warehouse and distribution facilities, and a fleet of trucks.

The joint venture follows a similar arrangement that was formed last year between Garrick-Aug Worldwide and Brockhoff & Zadelhoff Immobilien GmbH of Essen, Berlin and Franfurt that combined the resources of America's largest retailing brokerage with its German counterpart.
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Title Annotation:Garrick-Aug Associates Store Leasing Inc., Expromptorg in joint venture for U.S. retail, restaurants to operate in Eastern Europe
Publication:Real Estate Weekly
Date:Mar 3, 1993
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