Istil Real Estate, the property development arm of Kiev-based Istil Group, has finalised the acquisition of Grand Plaza, the owner of the Leipzig historical building in central Kiev from Ukrainian company Gelegen. The acquisition price amounts to around $35 mln (EUR 23.5 mln), newspaper Kyiv Post has reported.
Istil Real Estate, the property development arm of Kiev-based Istil Group, has finalised the acquisition of Grand Plaza, the owner of the Leipzig historical building in central Kiev from Ukrainian company Gelegen. The acquisition price amounts to around $35 mln (EUR 23.5 mln), newspaper Kyiv Post has reported.
The scheme, which dates back to 1900, was acquired by Gelegen in 2002. The company pledged to invest $25 mln in redeveloping the property into a 12,000 m2 four-star hotel offering 180 rooms, but construction work has stalled in recent months. The hotel is expected to open in 2012.
Apart from Leipzig, Istil has a large portfolio of real estate projects in the city, including the Rialto business centre in Podil and the Kinopanorama theatre.
