|
|
|
|
|
| 4/8/2010 |
| Renaissance Capital advises the sale of Sky Mall |
Kyiv, 8 April 2010 – Renaissance Capital acted as an exclusive financial advisor for the sale of 50%+1 share in Sky Mall shopping mall owned by Panorama Group/Astra Property to Oledo Group of Mr. Andrey Adamovski, a renowned Ukrainian businessman. The deal was closed at the end of March. The total investment into the development of Sky Mall will now exceed $150mn.
“We believe that Sky Mall is a very high quality project. Its development scheme is right and our partners from Astra Property did a great job implementing it”, said Andrey Adamovski. “We are glad to see Mr. Adamovski as our partner and hope that this transaction has laid groundwork for further cooperation”, Hillar Teder of Panorama Group added.
The sale has become the first major deal in Ukraine’s real estate market since 2008. It heralds the beginning of recovery of the Ukrainian real estate market and growing investor appetite for quality real estate assets. “Renaissance once again proven its leadership in M&A market and dominance in real estate sector”, said Peter Vanhecke, CEO of Renaissance Capital in Ukraine, Belarus, and CEE.
The deal was executed in a highly competitive environment but a complex transaction structure provided for the right balance of interests of both parties, Mr. Vanhecke said.
Sky Mall is one of the largest shopping malls in Ukraine with 90,000 sq m GBA, 70,000 sq m GLA in two phases. The first phase is already operational, the second phase is expected to be launched in May, 2010. The shopping mall has an impressive tenant mix including anchor tenants like Auchan, Inditex (ZARA, Bershka, Pull&Bear, Stradivarius), COMFY, M&S. The deal structure also covered additional land for future expansion of the shopping mall and its entertainment section.
About Renaissance Capital
Renaissance Capital Ukraine is a leading full-service investment bank based in Kyiv and a part of Renaissance Capital, the No 1 independent investment bank in the CIS and other high-opportunity emerging markets. The company holds market-leading positions in each of its core businesses in Ukraine – financial and strategic advisory, M&A, structuring, trading, equity and debt issuance, and research.
|
|
|
