Kiev Region, Ukraine

The company acquired the lease to 3.2 hectares of development land in Brovary, an established residential area with population of circa 100,000 people, 14 km from Kiev city center. Brovary is a town dating back to the 1600’s, famous for several world-famous sports-people including Vladimir Klichko.

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Plan

The site has outline planning permission for almost 30,000sq.m of sellable area including 23,000 sq.m of residential space, encompassing apartments and townhouses. The site is adjoined by thousands of hectares of state forest, and with its combination of residential and leisure infrastructure will be positioned as a premium living environment for the middle-class of Kiev and the surrounding areas.

Although the investment has been on hold since summer 2008 due to the profound impact that the global economic downturn had on Ukraine, we are now sensing more favorable political and economic times ahead and are actively seeking a co-investor to develop this project which we are sure can enjoy strong demand as the economy recovers. These economic expectations partly driven by the revised world steel pricing agreement of March 2010 which should see significantly increased industry profits in 2010. Our current strategy is to hold this investment for market recovery, but we are also open to offers from co-investors or indeed to wholly exit this investment.