Riel Development Group, the development company of Lviv businessman Rostyslav Melnyk, intends to expand its presence in Kyiv’s residential real estate market through the acquisition of Estate Develop LLC, which is implementing a project to redevelop the former production building of the Elektronprylad plant near Kyiv Zoo. The corresponding application for acquisition of control over the company was submitted to the Antimonopoly Committee of Ukraine, according to the agenda of the AMCU meeting dated May 21.
According to data from the Unified State Electronic System in the Construction Sector, Estate Develop LLC is the developer of the reconstruction project at 27/29 Bohdana Havrylyshyna Street. The project involves converting a four-storey industrial building into a nine-storey residential building with 175 apartments.
The project envisages a significant increase in the size of the property, from 5,448.6 sq. m to nearly 13,000 sq. m. After reconstruction, the total area of the building will amount to 12,960.42 sq. m. The property is located in Kyiv’s Shevchenkivskyi district, near Kyiv Zoo, between the Politekhnichnyi Instytut and Lukianivska metro stations, making it attractive for residential development due to its well-developed transport infrastructure and proximity to the city center.
The former Elektronprylad plant building was sold at auction at the end of 2021 for UAH 45 million. The project is part of the ongoing transformation of former industrial areas in Kyiv into residential and commercial real estate.
For Riel Development Group, the transaction could become another step in strengthening its position in the capital’s real estate market. The company is considered the largest developer in Lviv and ranks among the leaders of Ukraine’s construction market. Despite the full-scale war, the developer has maintained a high pace of construction: during the war period, the company commissioned nearly 6,900 apartments. By this metric, Riel trails only Stolitsa Group, Intergal-Bud, and Blago.
The increase in residential real estate projects in Kyiv indicates a gradual recovery in development activity and continued interest from major construction companies in investing in the capital’s housing market despite wartime risks and the difficult economic environment.
