Business news from Ukraine

UKRAINIAN INVESTMENT FUND FOCUS ESTATE FUND BUYS POLISH SHOPPING CENTER TURAWA PARK

The Ukrainian real estate investment fund Focus Estate Fund has acquired the Turawa Park shopping center in Opole (Poland) from the international investment management group abrdn for an undisclosed amount, the fund’s general partner Maksym Shkolnik has said.
“This is our fourth asset in Poland, and we plan to continue scaling our portfolio in the Polish market, where we have been present for more than five years,” he said.
BNP Real Estate, which operates the shopping center, brokered the deal. B2R Law, CSWP, Dentons, CMS and Gleeds advised on this transaction.
Turawa Park is a multi-format shopping center with a total area of over 35,000 square meters, which has more than 60 stores. It includes a gallery with an area of 18,000 square meters, a retail park of 8,000 square meters, and the area of DIY stores – 9,000 square meters. The parking area is designed for 1,320 cars.
Turawa Park’s anchor tenants are such well-known brands as Carrefour, Reserved, Sinsay, Media Expert, Action, Smyk. Other tenants are Rossmann, Big Star, C&A, Pepco, Levis, Sephora, Deichmann.
According to the press service of the fund, at the time of the acquisition, the total vacancy rate was 29%.
“We see good prospects in the value-added retail segment in which we operate. Custom retail parks and neighborhood malls have proven to be some of the most resilient classes during the pandemic. As for the deal itself, it was rather complicated, and I would like to thank the abrdn team for their professional and balanced approach,” Shkolnik said.
The fund’s portfolio includes three more shopping centers in Poland in the cities of Sandomierz, Zgorzelec and Bartoszyce.
At the end of 2021, Focus Estate Fund sold two of its retail properties in the Czech Republic to the DRFG investment group: Centro Ostrava Retail Park and Most Retail Park.
Focus Estate Fund is a real estate investment fund focusing on non-premium medium-sized retail properties in Central and Eastern Europe.

, ,

FIRST SHOPPING MALL CHERRY MALL IN VYSHNEVY NEAR KYIV TO OPEN IN APRIL – UTG

The first shopping mall, Cherry Mall, with a total area of 18,000 square meters in the town of Vyshneve in Kyiv region is to open in April 2019. Edelburg Development is the exclusive agent of the mall and developer of the project, while Fine Partners Invest is engaged in the construction of the facility, Kyiv-based UTG told Interfax-Ukraine. “Considering that the mall is located in a new, densely populated residential area where 85% of residents are families with children, we tried to think of its content so that you can easily combine shopping and sports, going to a restaurant and watching the premiere at the cinema,” Chief Commercial Officer of Edelburg Development Maryna Kravchenko said.
Project manager and partner of UTG Artem Neposedov estimates the attendance of the mall will be 15,000-18,000 people per day. “More than 25,000 people live in walking distance from the Cherry Mall shopping center. In addition, there are three public transport stops near the shopping and entertainment center, thanks to which the site’s coverage area includes almost all 75,000 residents of Vyshneve. Therefore, the expected attendance of the facility will be 15,000-18,000 people per day,” he said.
The rental area of the facility is 13,000 square meters, with 65% of the area already leased. In particular, the anchor tenant of the Cherry Mall will be the Sport Life fitness club with an area of 3,500 square meters. Its infrastructure includes dry and wet zones with three swimming pools. Its anchor tenants also include the five-hall Linia Kino cinema; the Fora food supermarket in the new concept (1,500 square meters), the Foxtrot electronics supermarket (740 square meters). The Cherry Mall will also house a children’s entertainment center with a climbing wall, rides and a children’s room. In addition to boutiques, shops and beauty salons, there will be a family restaurant and four cafes.
Edelburg Development was founded in 2007 with the participation of WBA Immo GmbH, an engineering company, foreign investment was raised. It is a representative of the international development group on the Ukrainian primary real estate market.
In particular, the company is engaged in the construction and implementation of integrated residential business-class projects and commercial real estate. The Fine Partners Invest group of companies has been operating in the residential and commercial real estate market since 2011.
Kyiv-based UTG was founded in 2001. Its core business is overall support for development projects. More than 100 real estate objects were opened with the participation of UTG, including Lavina Mall, New Way, Ocean Plaza, Gulliver, Piramida, and Komod (all based in Kyiv), Megamall (Vinnytsia), Most City Center (Dnipro), French Boulevard (Kharkiv), and Global.UA (Zhytomyr). UTG also operates in Russia, Belarus, Georgia, and Moldova.

, ,