Another big European developer in Ukraine

The one of largest in Europe developer and retail operator, German ECE Projektmanagement (ECE), is coming to Ukrainian and Russian real estate market.

For operations in these countries dozen in the next five years, the owners have established an investment fund of more than EUR 1 bln.

ECE Projektmanagement plans to build in the near future about five shopping centres with total space exceeds K80 sqm in each of the countries. Experts estimate that the cost of constructing one shopping centre would cost the company approximately USD 80 mln.

"With good conditions the first centre in Ukraine can be built as early as the end of this year, ECE Head of the Press Saadhoff Christian said.

The Head of the International Department Jorg Banzhaf, in an interview with the Wirtschafts Woche told that for projects in Russia and Ukraine, the head of ECE Alexander Otto and his family registered private equity investment fund. Fund investors are several American investors as well, whose names were not revealed.

"It is quite enough for the first 10 shopping centres", says Banzhaf. Total ECE plans the opening of about 50 shopping centres , and the total amount of investment in the economy of eastern Europe and Turkey over the next five will be around EUR 5-6 bln.

In many ECE centres anchor tenants are the Kaufhof, hypermarkets Media-Markt and Saturn.