New Procedure of Notaries' Certification of Mortgage, Property Disposal and Pledge Agreements

The Ministry of Justice, with its Order # 703/5 "On Amendments to Regulations on Notarial Acts Accomplishment in Ukraine" dated August 29^th 2007, has approved new procedures of notaries' certification of mortgage contracts, property disposal and pledge agreements.

In particular, among others, the new Regulations ratify the following amendments:

• notaries' certification of property disposal and pledge agreements in case the right of ownership for the property is taken to be, but has not been acquired for the date of the agreement's conclusion;
• the procedure of certification of mortgage contracts for unfinished real estate;
• notaries' certification of property disposal and pledge agreements in case the property secures a debt.

According to a notice of Mr. Lavrynovych, Ministry of Justice, the amendments enlarge the scope of conclusion of mortgage, property disposal and pledge agreements, including as for the real estate.

The changes are directed to the state registration and will become in force 10 days after they are made public.

Velika Kishenya Seeks Funds For Future Expansion

Group of companies "Velika Kishenya" plans to come on the IPO in mid-2008, 15-25% of the shares. The"Economic news" reports according to group's CFO Oleg Pyavka.

In the future the company plans to increase its market share by increasing sales, as well as acquisitions of other retail chains. Now Kishenya share on Ukrainian market is about 2%. And, as Mr. Pyavka stated, in the future the consolidation of retail in Ukraine is pretty much possible.

In addition, they announced intentions to enter in CIS market. "I think that is, first and foremost, the CIS markets. But regarding Russia, taking into big competitiveness among local and international players that's quite complex and therefore less attractive, "he said.

Currently, shares of Retail Group JV, operational manager of "Velika Kishenya", quoted in the First stock trading system "(PFTS, Kiev) only for the Ask with price equal to the USD 775 mln.
cap.

As reported in 2007 March, referring to Roman Lunin, the Chairman of the Supervisory Board of Retail Group, Great Kishenya has planned the IPO in the Q2 2008. "Based on the latest price of placement in March 2006, our capitalization USD 387.5 mln ... Since then, the indicators of the company increased by 80%. I hope that over time our capitalization exceeds $ 1 billion, "said Mr. Lunin.

Previously, "Great Kishenya" was going for the IPO in the H2 2007 or early 2008 on the London Stock Exchange or in the alternative markets. "

Company plans to get in own development portfolio USD 250 mln from foreign markets by placing additional equity instruments for USD 100 mln. As well as another USD 150 mln, obtained from bank loans.

Now "Velika Kishenya" operate in 14 cities and has 34 objects (27 supermarkets and 7 hypermarkets), five of whom are in their own shopping centers. Total GLA is about K90 sqm.

Turnover in 2004 - USD 109 mln, in 2005 - USD 232 mln, in 2006 - USD 403 mln.

Investors Yield To Profit Potential Of Ukraine - From The Wall Street Journal

Highly recommended article!

By Sara Seddon Kilbinger, The Wall Street Journal

Ukraine has caught the eye of real-estate investors chasing higher returns. Roughly $293.75 million in commercial real-estate deals were transacted in the country in the first half of 2007.

Almost all -- $231.25 million -- were office sales, with retail accounting for the rest. This compares with $497.2 million in deals for all of last year and $22 million in 2005, according to real-estate advisory firm Jones Lang LaSalle. More than 90% of this year's deals were in the capital, Kiev.

One of the most active buyers is London & Regional Properties. The London-based real-estate investor and developer has acquired three properties in Kiev -- an office, a shopping center and a warehouse - since entering the market in March. It also intends to develop real estate there.

"Central Europe has got very expensive, which is why we started looking at Russia last year. Our presence in Ukraine is an extension of that strategy," says Max Fowles-Pazdro, head of Central and Eastern European acquisitions at London & Regional, based in London. "We've invested $2 billion in Russia in the past 18 months and would like to do the same in Ukraine."

London-based real-estate asset manager Invesco Real Estate is also looking to invest in Kiev, says Paul Kennedy, head of European real-estate research at Invesco.

The firm would like to buy two or three Kiev properties in the next 18 months for its Central European Fund II. Invesco will also consider buying developments before they are completed as well as joint ventures with local partners, says Dr. Kennedy.

The yields are tempting. Good-quality office and retail properties can generate as much as 10%, says Jones Lang LaSalle, compared with less than 5% in many Western European markets. (The yield is the annual percentage return, expressed as the ratio of annual net income to the capital value of a property.)

But the high yields in Ukraine reflect the higher risk, due to political instability and continuing problems with corruption. Last year, former Prime Minister Pavlo Lazarenko was sentenced to nine years in prison by a U.S. court for extortion, fraud and money laundering through U.S. banks.

According to Mykola Orlov, a partner in Kiev-based law firm Sayenko Kharenko, foreign investors are often better off working with a local consultant than joining forces with a local partner. A local partner can take advantage of a foreign investor in a number of ways, he says, including by siphoning off funds.

Another obstacle for investors is the market's opacity, with many deals completed off market for undisclosed sums, says Nick Cotton, managing director of real-estate advisory firm DTZ Holdings PLC in Kiev.

Such challenges aren't deterring many would-be investors. Asset-management firm Catalyst Capital LLP intends to enter the Ukraine market this year in conjunction with a local partner whose interests range from brick making to insurance, says Kean Hird, managing partner of Catalyst Capital's emerging-markets arm in London.

The firm's push into Ukraine is "a natural extension" of its activities in Central Europe, he says. Catalyst Capital will focus initially on Lviv - because it is near the Polish border -- before moving onto Kiev, he says. "It's a very good time to go into the market as it is still very undersupplied," says Mr. Herd.

"While we don't have a target in terms of how much we plan to invest there, we will initially develop industrial stock, such as sheds near the airport or major roads. We are also interested in developing supermarkets, ideally with international anchors. While consumer spending is still quite low, it is increasing all the time."

Private consumption -- the main driver of economic growth -- rose 18% last year, up from 12% in 2005, according to DTZ. As a result, international retailers are starting to consider Ukraine. German retail giant Metro AG opened five cash & carry stores last year, according to spokesman Martin Brüning.

"What we see is a growing middle class with more disposable income, which is the driving force behind our expansion into Central and Eastern Europe," he says.

Metro has opened 13 stores in Ukraine since it entered the market in 2003 and intends to open more this year, he says. Turnover in its Ukraine stores reached Euro615 million ($837 million) last year, almost twice the Euro338 million of 2005. The company is also considering launching its Real supermarket chain in Ukraine next year, he adds.

Retail space is still thin on the ground, making the market ripe for development: Kiev has just 290,000 square meters, similar to Warsaw in 1999. There are a number of plans in the pipeline, according to DTZ, including a 130,000-square-meter store that will mark Ikea AB's foray into Ukraine.

The hotel sector, while fledgling, is also growing. Hilton Hotels Corp. will arrive in Kiev in 2009 and is exploring opportunities in several other cities according to Nicola McShane, Hilton's European communications director.

Ukraine's WTO Bid Could Face More Delays

By John Marone, Kyiv Post Staff Writer

Ukrainian officials have been promising since early last year that their country's membership in the World Trade Organization is right around the corner, but as the deadline continues to be pushed back, the sincerity of the government's efforts looks increasingly suspect.

Joining the WTO would promote efficiency, foreign investment and greater integration with the European Union, but it could also pose a threat to some domestic industries, as well as Russian interests.

THE PROMISES
The latest meeting of the WTO-Ukraine working party, which consists of representatives from 43 of the WTO's 150 member countries and is tasked with examining Ukraine's progress toward membership, was held in Geneva on July 23.

Two days later, on July 25, the Economy Ministry released a statement suggesting that Ukraine's bid was moving along as planned.

"The member countries of the working party stated their support for Ukraine's prompt completion of talks on obtaining WTO membership, and they agreed to hold the next meeting in the beginning of October," reads a statement posted on the ministry's website.

The ministry statement went on to explain where Ukraine needs to go from here, including further work on a couple of bills.

The previous meeting of the working party was held on May 14, about two weeks before parliament approved what it said were final amendments to WTO-related legislation.

"Formally, Ukraine has fulfilled all its obligations to the working party on joining the WTO," First Deputy Prime Minister and Finance Minister Mykola Azarov announced on Ukrainian TV in late May.

As early as last December, just before a working party meeting was to be held, the government had made similar boasts.

It was in December that Ukraine's parliament proudly announced that it had passed the last of several bills needed for the country to join the WTO.

Since then, everyone from President Viktor Yushchenko, who has made WTO entry a top policy goal, to his political nemesis Prime Minister Viktor Yanukovych, who has been accused by his political opponents of derailing the bid, have bandied 2007 around as the likely year of accession. This summer, Yushchenko said Ukraine would join by the end of this year.

IN THE BALANCE
Ukraine has been negotiating WTO entry for 13 years. But the country's prospects only began to look realistic when Yushchenko became president in 2005.

By early 2006, the United States had recognized Ukraine as a market economy and cancelled the stigmatizing Jackson-Vanik amendment. Yushchenko began predicting WTO membership by the end of 2006, as part of a wider policy of European integration.

The European Union has made WTO membership a precondition to a bilateral free-trade agreement much coveted by Ukraine. At the same time, officials in Brussels continue to express support for Kyiv's WTO efforts.

Russia has suggested that Ukraine and Russia join the WTO simultaneously.

Serhiy Teryokhin, a lawmaker in the opposition Byut faction and a former economy minister, said the Kremlin is concerned that Kyiv would get the upper hand in outstanding trade issues if Ukraine achieves WTO membership first.

According to WTO rules, an applicant country must sign bilateral agreements with all relevant WTO member countries as a precondition to accession.

Teryokhin said one issue that Ukraine could hold over the Kremlin's head is Russia's oil export tariffs, which effectively tax importing countries like Ukraine instead of Russian producers.

The opposition deputy said he personally suspects the government-led majority in Ukraine's parliament of purposely crafting faulty WTO legislation to slow down Ukraine's bid.

The parliamentary majority, comprised of Communists, Socialists and Yanukovych's big-business-backed Regions party is widely considered to lean more toward Moscow than the West.

"What this is really about is synchronization of Ukraine's and Russia's WTO bids," Teryokhin told the Post. Teryokhin said he raised his concerns about faulty legislation passed in May but was ignored.

Another issue that is preventing Ukraine from joining the WTO, in addition to incomplete legislation, is a final bilateral agreement that it must sign with Kyrgyzstan, a WTO member.

According to Teryokhin, Kyrgyzstan's conditions for signing the agreement are "ridiculous" and demonstrate that the small Central Asian country is doing Moscow's bidding.

Russian continues to negotiate for WTO membership but observers say a lot of trade issues remain for Moscow to resolve. The West-allied country of Georgia, itself a WTO member, has pledged to block Moscow's bid in retaliation to trade restrictions and border disputes.

Ukrainian Foreign Minister Arseniy Yatsenyuk, a close ally of President Yushchenko, denied during his July Brussels visit that Ukraine was holding up its bid to please Russia. "Russia has its path and Ukraine has its. We are not going to synchronize these issues."

MISSION IMPOSSIBLE?
A source close to Ukraine's WTO negotiation process said at least one of the two obstacles to Ukraine's bid, the bilateral agreement with Kyrgyzstan, could easily be resolved by "a single high-level meeting."

The Kyrgyz government's main demand has been that Ukraine pay what it says is a $28 million debt going back to Soviet times.

There are two reasons why the Ukrainian government wouldn't want to resolve the issue, the source told the Post: Either in support of synchronized entry with Russia and/or lobbying by industries who fear large foreign competition that will enter the market when Ukraine joins the WTO.

According to Oleg Riabokon, the managing partner of Kyiv-based law firm Magister & Partners and a specialist on international trade issues, WTO membership will be tough for uncompetitive sectors of Ukraine's economy.

"Ukraine's entry into the world trade club would certainly create uneasiness for industries that have not been able to find their competitive edge since the privatization took place," he said. But the overall economy will gain, he added. "Ukraine's economic future depends on those who can fight."

In the mean time, however, the country's journey along the road to the WTO is anything but over. For Ukraine to get into the WTO by the end of this year, as the country's authorities have promised, the government will have to finish up all technical issues "flawlessly," the source close to the talks said.

Then parliament, which won't be operational until after the Sept. 30 snap elections, will have to enact necessary legislation. Finally the working party will have to meet again to approve Ukraine's draft report and pass it on to the WTO General Council for a final decision.

The Ukrainian Parliament must ratify the decision before the country actually becomes a member.

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Thanks to blogger called Sterenta, now we are all know that my Ukraine Real Estate Market is #1 for "Ukraine real estate market" search on Google! Taking into the fact that Yahoo was bitten recently, that great fuel for my future blogging. Hope to surprise you again.

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Real Starts

Germany Real hypermarkets chain plans to open 50 shopping centers across Ukraine within all cities with a population which exceeds 200 K people.

Company's PR manager Anna Goncharik, said that in an interview for Economic News newspaper. According to her info the investment in each outlet estimate as EUR 21 mln. The first opening is planned for the beginning 2008.

But for now, the company has not yet announced the locations, where it is going to open first object. It is expected that the GLA of each store is approximately K 7.5-10 sqm, with goods range more than 60K items, where 75% is food, 25% - home appliance and household goods, kids goods, clothing and footwear

And because Real is the part of Metro Group, it is quite clear, that the logistic operator for retailer should be Metro Group Logistics.

Optimism Amid The Confusion In Ukraine

Optimism Amid The Confusion In Ukraine by Yuri Bender, Financial Times

A man can have a beautiful woman or a good horse, but never both, according to an old Ukrainian proverb. The choice between the two most valuable assets of old-style Ukrainian rural life is today mirrored by the choice between what seem to be two mutually exclusive national goals: political stability and economic growth.

However, investment markets have continued to perform well against an often volatile political undercurrent, says Alexander Tarabukhin, director at Kiev-based brokerage and asset manager On-Line Capital. "Stock and real estate markets have grown dramatically, in spite of the political situation," says Mr Tarabukhin, pointing to the PFTS index doubling from 500 to more than 1,000 in six months, during a period of political, and occasional physical, skirmishes between the central and west Ukrainian court of President Viktor Yushchenko and the eastern, industrial powerbase of Viktor Yanukovich, prime minister.

On-Line Capital has established the Amadeus funds house, which runs two closed-ended Ukrainian funds, one UAH17m (€2.5m, £1.7m) actively managed fund and a $1.6m (€1.2m, £802,000) index tracker, and is in the process of launching a real estate fund. The company is already handling real estate projects worth $90m.

As well as investing in Kiev's business centres, the fund will seek commercial real estate opportunities to the east of the capital, in the industrial cities of Dnipropetrovsk and Kharkiv and the Black Sea port of Odessa to the south.

According to Yuri Nartov, managing director of Colliers International in Kiev, such vehicles will not have problems raising money from institutions, with an estimated $10bn in international capital seeking a Ukrainian home.

The problem, when making an investment, is that the playing field is not a level one, according to Alex Frishberg, partner at Kiev law firm Frishberg & Partners. "Ukrainian real estate is not based on open competition, where you can be judged on your reputation and assets when you bid for a tender," Mr Frishberg told investment banks attending a recent London seminar organised by solicitors Olswang and the Ukrainian-British City Club. As important as your purchasing power, says Mr Frishberg, whose clients include BT, Hewlett Packard and KLM Royal Dutch Airlines, are who you know and what you know.

"Retailers, who are mainly Russian and Polish franchisees of London-based tenants, are making huge profits, starting in Kievand moving to the regions," says Alex Podell, who setup the 1849 PLC property company to buy up and lease out Ukrainian shopping centres.

While new developments in Luhansk, a poor city next to Ukraine's eastern frontier with Russia, are leased out at a monthly rent of $100 per square metre, rents in "really bad Soviet shopping centres" in Kiev are nudging $350.

Among contracts being closed is a $180m deal by the London and Regional Investment Fund to buy the underground Globus Centre, based on Kreshchatik, Kiev's premier shopping thoroughfare. This is Ukraine's most expensive real estate.

Market participants also cite the "football factor" as grounds for optimism. "We are very excited about the 2012 European football championships coming to Ukraine," says architect Genadiy Shulga. Mr Shulga's practice has received commissions to design hotels in the proposed stadium complex in Lviv, west Ukraine's historic regional capital and one of the host cities for the championships.

Mr Shulga has also finished the blueprints for Eagle Valley, a block of high specification apartments near the so-called Carpathian "resort" of Slavsk, a growing, picturesque but neglected settlement.

Alex Abramovych, who is marketing the development through his estate agency UAproperty.com, says property prices in Kiev and Donetsk are beginning to stabilise, after annual gains of 150 per cent two years ago halved last year, and are grinding to a halt. "In Kiev, we are not seeing growing prices at the moment, due partly to the political situation, although there are signs of a resolution."

While both sides have been fighting for assets and power, early elections are now scheduled for September. "More importantly, they are agreed on a code of how to handle foreign investors, so the economy is still growing," says Mr Abramovych.

Odessa Counts The Tourism Is A Big Opportunitiy

Odessa has made calculations a revenue from tourism during the summer season and the concept of recreation development up to 2015.

Taking into this fact, Odessa authorities is going to develop tourism in the city, within all year, not only in the beach season.

It is necessary to straight on business tourism, says Victor Aksanyuk, Head of the Tourism and Recreation Department .

In such way, 2015 in Odessa will travel up to 70% more tourists, the city will increase revenues by 50% and the number of people who make business related with tourism will increase by 30%.

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So, it took some time, efforts and passion to make Ukrainian Real Estate Market #1 in Yahoo with the one of the most important word combination for people who looking for info and news form Ukraine. " real estate Ukraine" with #1 - that's my personal goal I was able to do. And please note, that other winning places are mine as well (via mirrors on Netscape) But there are no reason to stop. I have many more ambitious plans regarding this web-site. And I need your support and assisting to go further. Let's make it!

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Dragon Ukrainian Properties & Development Buys 38 % Of Developer Henryland For USD 12 mln

LONDON (Thomson Financial)

Dragon Ukrainian Properties & Development PLC (DUPD) has bought a 38 % stake of Henryland Group Ltd, a British Virgin Islands retail developer, for USD 12 mln. Under this agreement, the company has entered into an option in favour of Dragon Capital Holding Ltd (DCH,) meaning that DCH may be become entitled to acquire up to 900,000 shares in Henryland, at USD 0.01 per share from DUPD. Following the completion of the transaction, DCH will own 11.3 % of Henryland and 50.7 % will be owned by third party investors.

Sourse - Sharewatch

If anybody have additional info regarding this deal, please post the comments.

Ukraine Macroeconomic Situation - July 2007, From Sigma Bleyzer

SUMMARY

[1] The Ukrainian economy has continued to show robust growth, demonstrating a solid immunity to political instability.

[2] For January-May, real GDP grew by 7.9% yoy. Due to the droughty weather, the grain harvest is expected to be notably lower than previously expected. However, poor agricultural performance is unlikely to have a substantial effect on total GDP growth in 2007.

[3] For the first five months of the year, the state budget ran an unusually high surplus for this period due to higher than expected budget revenues and under-execution of budget expenditures.

[4] Despite a high fiscal surplus so far, the government resumed issuance of external and domestic debt in June to secure enough funds for the planned budget deficit.

[5] The consumer price index keeps reporting double-digit growth; however, the government forecast of 7.5% year-end inflation may still be realistic.

[6] Ukraine continued to demonstrate very strong export performance this year; however, buoyant import growth resulted in further widening of the merchandise trade deficit. A modest service trade surplus and a larger deficit in the income account caused the current account deficit to widen by almost 70% yoy in 1Q 2007.

[7] Robust capital inflow covered not only the CA gap, but also helped replenish the gross international reserves of the National Bank of Ukraine.

[8] In mid-June, the EU and Ukraine officially started negotiations on a new enhanced agreement.

Download full report

Another Step To Olimpic Plaza's End

The Kiev City Administration is initiating an audit and appraisal of Yudzhyn (SPV for Olimpic Plaza) company’s expenses related to the construction of that shopping center.

First Deputy Chairman Anatolii Holubchenko announced the initiative at a meeting of the city special committee for the preparation to Euro-2012. He said the city Administration sent a letter to the President Yuschenko's Secretariat.

In this letter, the city administration suggests creating a government commission that will submit, after the audit, proposals on the need to compensate the construction costs of demolishing of the object. After that, authorities will select a contractor and schedule for this works.

Holubchenko stressed that the dismantling task was set by the Cabinet of Ministers.«If we were told to demolish it, we have to demolish it,» he said. But Yudzhyn is confident that they able to proceed a construction further.

Basically, many experts agreed that life of this complex in city center is ended and owner should seek the way to negotiate a terms and conditions for closing a project.

Buy in this situation their position is pretty weak, 'cause now they can rely just on covering a construction cost and I'm sure that no one will cover hidden, unofficial expenses, which could be a pretty significant in such big project.

Shadow Economy Still High

By Stephen Bandera, Kyiv Post

Nearly 40 percent of Ukraine's economy remains in the shadows, according to a recent report from a government think tank.

The experts of the State Scientific Research Institute of Informatization and Economic Modeling (DNDIIME) estimated on July 27 that Ukraine's "shadow GDP" will amount to Hr 443 billion (nearly $89 billion) in 2007, while the country's "official" gross domestic product will exceed Hr 692 billion ($138 billion).

The institute that provides research services for the Economy Ministry estimates that Ukraine's economy will exceed Hr 1 trillion ($200 billion) in value in 2007.

DNDIIME's methodology is based on a complex calculation of macro-economic factors ranging from demand for cash in the economy and term deposit rates offered by banks to real income levels.

The shadowiness of the economy is caused by the "unjustifiably high burden on personal and business incomes. An inexplicable paradox exists: Labor is the most utilized factor in production and is the main source of budgetary revenues at the same time," according to the report.

"It's well-known that Ukraine currently occupies an unflattering position in the world 'GDP per capita' rating at a time when the country is very rich in natural and human resources," said Yuri Kharazishvilli, deputy director of DNDIIME and one of the report's authors.

"If we are so rich, then why are we so poor?"

"One of the primary indicators that provide the real picture of a country's socio-economic development is the share of payments for labor in GDP," Kharazishvilli said.

Wages in Ukraine account for slightly more than a quarter of the country's GDP. By contrast, that number stands at nearly 60 percent in the United States, while wages account for half of GDP in countries like Germany and France.

According to experts, the shadow segment of average monthly wages in Ukraine amounts to Hr 2,700 ($540), more than double of the official average monthly wage of Hr 1,300. Combined, the average monthly wage in Ukraine is around Hr 4,000 the study found.

The experts noted that in 2006, the value of underground economic activity in the industrial sector stood at 132 percent. In other words, shadow industrial activity surpassed officially-reported industrial activity by nearly one-third.

The analogous figure stood at 73 percent in agriculture, 71 percent in construction and 32 percent in the services sector.

Another government report based on data from the State Statistics Committee painted a somewhat rosier picture of the shadow economy claiming that it stood at 27 percent of GDP in 2006, or 2 percent lower than in 2005.

The report, made public on the Ministry of Economy website on July 27, did note that underground economic activity is on the rise in real estate transactions, insurance and automotive sales and remains high in the construction and wood-processing sectors.

Economist and former cabinet minister Viktor Lysytskyi said that "we can argue about exact shadow economy statistics forever." "But it's absolutely certain that the shadow sector is enormous," he added.

According to Lysytskyi, large shadow economies are present in most post-Soviet states and Ukraine is not alone in this respect. "I am sure that in Russia the shadow economy is the same in terms of its share in the economy."

Nevertheless, the fact that such a large part of the economy is underground has its blessings, as the economy develops certain immunity to external factors.

Original article

Short news - Mariott Coming Next

Austrian company Sparkassen Immobilien AG, controlled by the Erste Bank, intends to build 5 hotels in Ukraine until 2010 .

According to Delo newspaper four-star hotels will be located in Kiev, Lviv, Kharkiv, Dnipropetrovsk and Donetsk and will be managed by Marriott.

Basing on Sparkassen Immobilien AG information, the total investment in the project will count more than EUR 500 mln.

Kiev Region - Current Land Prices, August 1

- Kiev-Svyatoshin district - 4%↓ - $87.44/1 sqm;

- Obukhov district - 11%↓ - $71.23/1 sqm;

- Borispil district - 6%↓ - $52.47/1 sqm;

- Vyshgorod district - 5%↓ - $51.01/1 sqm;

- Brovary district - 2%↑ - $43.99/1 sqm;

- Vasilkiv district - 0.1↑ - $41.11/1 sqm;

- Makarov district - ↑↓ - $22.18/1 sqm;

- Borodyanka district - 4%↓ - $23.55/1 sqm.

Using source: SV Development

Short News - Dragon Discovers Some Plans

Dragon-Ukrainian Properties & Development (DUPD), is established by Dragon Capital, is going to invest about USD 80 mln. in retail. As you know, recently DUPD has got funding for more than USD 200 mln. And now they intend to spend this money.

First phase includes the construction of shopping centers in Odessa (17K sqm.), Kremenchug (15K sqm), Lutsk (12K sqm) and other cities for total investment amount exceeds USD 75 mln.