Arcona Property Fund (the Fund), a Euronext – listed real estate fund that invests across Central and Eastern Europe, has completed the acquisition of a prime residential development site in central Kyiv, the capital of Ukraine. The seller is AIM London-listed Secure Property Investment and Development PLC (SPDI).
The acquisition comprises a 0.54 hectare site in the city centre of Kyiv. The site, on Kyianovski Lane in the Shevchenkivskyi district, is 500 meters from Lvivska Square and suitable for high-end residential development. The purchase was completed for a total nominal consideration of USD 2 million, consisting of USD 1.2 million in cash and USD 800,000 in shares of the Fund against the net asset value of EUR 11.16 per share. This acquisition completes the purchase programme from SPDI, originally agreed in 2020, comprising six assets in total, located across Bulgaria, Romania and Ukraine.
The parties have agreed that the acquisition by the Fund of a further SPDI-owned site in Ukraine, at Rozhny, some 43 kms north-east of Kyiv on the Kharkiv road, will not proceed due to technical reasons.
Vasil Kisil &Partners acted as the sole Ukrainian legal advisor to Arcona Property Fund, providing comprehensive legal support throughout the transaction. The advisory team, comprising Alexander Borodkin, partner, Oleksandr Misiats, associate, and Vladyslava Burbeza, associate, advised on corporate, land, tax, financial, and other transaction matters.
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