Austrian investment fund Immofinanz, which owns five shopping centers in Moscow called Golden Babylon, Fifth Avenue and Hudson, plans to rebrand this fall, ANRT news agency reported, citing Immofinanz COO Dietmar Reindl.
The shopping centers will change their name to Novamoll. The first to enter the new brand will be Zolotoy Babylon in Otradnoye and Fifth Avenue in Oktyabrsky Pole. In other shopping centers, rebranding will be completed by March 2018. The malls will not close. The total cost of the reconception and rebranding is estimated at 80 million euros, and Immofinanz expects to return this amount by selling the shopping centers for 1 billion euros.