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BBN: Estonian businessman opens a shopping centre in Kyiv
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28 August 2010
A company owned by Estonian real estate developer Hillar Teder will open Dneprovskaya Pristan, a new shopping and entertaiment centre in Kyiv, capital of Ukraine, this week. The construction of phase one with 200,000 square metres of sales space cost 150 million US dollars, writes Aripaev.
The second phase is going to be completed in 2012 at a cost of 60 million USD.
The plans include developing apartment buildings and a yachting harbour in the area.
The Moscow Times wrote that Dneprovskaya Pristan wil be the first modern shopping centre in Kyiv that complies with international standards.
At present Pristan has 170 tenants
Teder said that one problem is that unlike in Estonia where only one shopping centre - Solaris - has an entertainment section, Russian and Ukraine standards require that 20% of floor space in a shopping centre must be entertainment space. This is creating problems since real estate funds of large foreign pension funds that are potential buyers of such complexes generally agree to pay only for shopping area, but not for the entertainment section which they consider too risky.
He added that West European pension funds usually agree to buy such complexes for 10 to 12 times the annual rent.
Source:
BBN
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