Valeo Leases Warehouse Space in Amstar/Griffin Project in Nizhny Novgorod

NIZHNY NOVGOROD, Russia, February 15, 2011 /PRNewswire/ --

Amstar and Griffin Partners are pleased to announce that French auto parts manufacturer Valeo has leased approximately 4,700 square meters of manufacturing and storage space at Volga Industrial Park in Nizhny Novgorod, Russia. Valeo will occupy this space as its first phase of operations in the project and plans to occupy additional, larger spaces in 2012. Volga Industrial Park ("VIP") is being developed through a joint venture between private equity fund, Amstar, and developer, Griffin Partners.

"Valeo is a prime example of the quality international tenants that Volga Industrial Park continues to attract," said Oleg Gusakov, general director of Griffin. "Leasing demand has increased considerably in recent months and clients are finding that VIP is a superior choice for their production and distribution facilities."

Volga Industrial Park is a 33-hectare integrated industrial park for manufacturers and distributors that provides clients with a secure area, in-place infrastructure and energy supplies, as well as adjacent access to the newly opened Nizhny Novgorod Customs Clearing Terminal. Located just south of the Nizhny Novgorod city center in the Kstovo District, VIP is on the M7 Federal Highway, a strategic transportation artery that connects Moscow with Nizhny Novgorod, Kazan and further east. Phase 1 of VIP, with a total area of 32,000 square meters, is constructed and is operating. When construction on all phases is complete the total area of the complex will be 180,000 square meters.

About Amstar:

Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With approximately $1.50 billion of assets under management, Amstar's current portfolio consists primarily of retail, office, hospitality and multifamily holdings within the major markets of the United States and select markets in Europe and Latin America. For more information about Amstar visit the company's website at http://www.amstar.com or contact Amstar Executive Director Rob Toomey at +1-303-534-6322.

About Griffin:

Griffin Partners focuses on real estate development and asset management in Moscow and select major regional Russian cities. Griffin develops and manages property investments across office, mixed-use, elite residential and industrial platforms. The firm is co-managed by its partners, Miles Jones and Oleg Gusakov. For more information about Griffin visit the company's website at http://www.griffinpartners.ru.