Kiev-based investment bank Dragon Capital raised $208 mln (EUR 155 mln) from the IPO of its property investment arm Dragon-Ukrainian Properties and Development on London's AIM market, making it largest Ukrainian IPO to date.

Kiev-based investment bank Dragon Capital raised $208 mln (EUR 155 mln) from the IPO of its property investment arm Dragon-Ukrainian Properties and Development on London's AIM market, making it largest Ukrainian IPO to date.

Dragon Capital MD Tomas Fiala said the property firm will focus on the development of new projects and redevelopment of existing properties in the retail, office and warehousing markets, as well as alternative property projects.

The Ukrainian property market is 'booming' he said, but Kiev is suffering from a severe shortage of prime commercial properties in all sectors, with virtually zero vacancy rates and rents that are higher than in some western European cities. Dragon will concentrate on the Kiev region property market, but will target other main regional centres with populations of more than 70,000.