Support The Moscow Times!

GUM Is Rented Through 2059

Shoppers pausing for a bite to eat inside GUM. The historic shopping arcade is rented by Bosco di Ciliegi Group. Vladimir Filonov

The Federal Property Management Agency has agreed to extend the rental agreement for the 74,900-square-meter GUM shopping center adjacent to Red Square until 2059, RIA-Novosti reported, citing Kommersant.

The GUM Trading House company, which is the current renter of the property, is owned by Mikhail Kusnirovich's Bosco di Ciliegi Group.

GUM is among the 272 Moscow historical buildings that were transferred from city to federal ownership by a resolution signed by Prime Minister Vladimir Putin in October 2009.

The newspaper quoted GUM general director Teimuraz Guguberidze as saying that the new owner of the building planned to triple the rent for it.

Read more