Real estate investment fund Inzhur intends to cooperate with the international company Colliers to renovate Zhytniy Market in Kyiv.
“Inzhur is ready to turn the neglected Zhytniy Market into a world-class destination. We have held successful negotiations with the specialists of the international company Colliers. They are ready to create a concept for the renovation of Zhytniy Market,” Inzhur’s Telegram channel reports.
According to the report, Colliers’ work will be financed by the fund. Inzhur expects to buy the Zhytniy Market building and turn it into a gastronomic market with street food and a seating area, similar to the TimeOut Market in Lisbon.
As reported, on March 18, the Kyiv City State Administration’s Department of Communal Property announced a tender for the lease of Zhytniy Market. The auction is scheduled for March 25. The starting price is UAH 2.4 million per month. Later, Kyiv Mayor Vitali Klitschko announced plans to announce a new auction and extend the deadline for submitting applications.
For its part, the Inzhur investment fund insists on announcing a privatization auction instead of a lease auction to buy the building from municipal ownership.
Inzhur REIT (Real Estate Investment Trust), the first Ukrainian service for the joint purchase of real estate, was launched in early 2022. The service offers a number of real estate properties leased for 10-25 years to the Ukrainian supermarket chain Silpo and the international fast food chain McDonald’s.
The founder and investor of Inzhur is Andriy Zhurzhii, Chairman of the Supervisory Board of Zhurzhii Ventures Investment Fund. The fund owns Smile Development, a development company that has built and sold more than 35 Silpo and Fora supermarkets to investors, and is developing the Optimisto residential complex in Gatne near Kyiv, and Investment Partners, an asset management company that manages UAH 45 billion in assets in Ukraine and the European Union.
Stolitsa Group investment and developing company, which is part of Lithuania’s BT Invest, jointly with Colliers International (Ukraine) has finished the restyling of the food court and restaurant zone in the Retroville shopping and entertainment center located at 47, Pravdy Avenue in Kyiv. The mall will be opened in 2019. “Together with colleagues, we have analyzed the shopping and entertainment centers in Kyiv, including the mistakes made by developers in the planning of food court zones and the location of restaurants. With extensive experience in the development and management of the shopping and entertainment centers in the Baltic states and Kazakhstan, we tried to implement the best ideas and carried out a complete renovation of the project catering zone at the Retroville shopping mall. This process included an increase in the number of operators representing a variety of cuisines, as well as an increase in the sitting area of the food court to 1,800 square meters, which today is the largest sitting zone among shopping centers of Kyiv,” Colliers International said in a press release, citing the Retroville director general.
According to the report, the sitting zone will be located on the second floor along the glass facade of the center.
According to Natalia Kravets, Director of the commercial real estate department at Colliers International (Ukraine), the tender to select operators has already been launched and anchor tenants have been identified both in the area of the food court (about 15 operators, including McDonald’s) and in the restaurant zone.
Colliers International earlier reported that the opening of the Retroville shopping center with a gross area of 118,900 square meters with an eleven-story class B business center in Kyiv was postponed from August 2018 to early 2019.
