OREANDA-NEWS. OJSC "Magnit", Russia's largest food retailer (the "Company"; MICEX and LSE: MGNT) announces the opening of a new distribution center in Novosibirsk.

Please be informed that the Company has opened a new distribution center (DC) in Novosibirsk. Total space of the warehouse is about 18,950 sq. m. The DC is leased by the Company. Launch of the new distribution facility will improve the quality of service in Siberian region.

"Magnit" operates 24 distribution centers with their total capacity of about 693,199 sq. m.

Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2014, Magnit operated 23 distribution centers and over 8,200 stores (7,341 convenience, 215 hypermarkets, and 700 cosmetics) in more than 1,905 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS consolidated financial statements for 2013, Magnit had revenues of USD 18,202 million USD and an EBITDA of USD 2,032 million USD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB. Measured by market capitalization, Magnit is one of the largest retailers in Europe