Short news - Quinn Group is going to buy another one property in Kiev

Main shareholder of "Tekstil-Kontakt" holding, Alexandr Sokolovsky sells shopping centre "Alta-Centre" to Irish "Quinn Group", which already owns in Ukraine a "Leonardo" business center and "Ukraine" shopping centre. The amount of the transaction is about USD 40 mln.

But according to the owner "Alta-Centre" the deal still in progress of negotiations. "We talks with Quinn Group is ongoing, but so far nothing has been signed. So far we only communicate," he says.

According to market players, property has been offered for sale in the end of 2006. They say the Irish made good deal because its payback period for this investment is about 8 years. While that the average PB period now for retail is 10-12 years.