Parkridge Holdings had to give up on the idea of putting up a 150,000-square-meter storehouse in Yekaterinburg and is now halting its planned expansion in the Russian regions, Vedomosti reports.

The company announced at the end of 2007 that they were negotiating for a purchase of a thirty-hectare land allotment in Yekaterinburg. The allotment was intended for a large 150,000-square-meter storage facility.

‘We did negotiate for buying a land allotment in town, but the first signs of an economic crisis became obvious as early as last summer, for the price of both allotments and construction projects went down. Therefore we thought it best to wait till we could buy the land at the best price; little did we know, however, that the crisis would be so serious and troublesome. As a result, finding the financing for the project became virtually impossible,’ Parkridge Russia’s General Director Alexei Novikov said to Vedomosti.