Moscow's mayor Yuri Luzhkov has granted approval to construction company LLC Arsenal for its retail complex development in the southern administrative district of the Russian capital. The scheme will be developed on a 1.1-hectare area and will comprise 34,220 m[sup]2[/sup] of retail space. It will include a Russkoe Bistro national restaurant. Construction is scheduled to start this year.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
