Magnat Real Estate has signed contracts for the sale of its Podillja and Vossbergstrasse projects respectively in the Ukrainian town of Chemelnitzky and in the German capital city of Berlin. The Podillja project comprises the development of a wholesale market in the town of Chemelnitzky, which is the most important trading location for Central Ukraine. With an initial investment of $2.5 mln (EUR 1.8 mln), Magnat has co-financed the first phase of development, consisting of 4,500 stores due to open in mid-2007. An investment agreement was signed with the local project partner for the second phase which will comprise an additional 5,000 units for a total investment of $25 mln.
Magnat Real Estate has signed contracts for the sale of its Podillja and Vossbergstrasse projects respectively in the Ukrainian town of Chemelnitzky and in the German capital city of Berlin. The Podillja project comprises the development of a wholesale market in the town of Chemelnitzky, which is the most important trading location for Central Ukraine. With an initial investment of $2.5 mln (EUR 1.8 mln), Magnat has co-financed the first phase of development, consisting of 4,500 stores due to open in mid-2007. An investment agreement was signed with the local project partner for the second phase which will comprise an additional 5,000 units for a total investment of $25 mln.
The Vossbergstrasse project involves the conversion of a vacant office building into 12 exclusive lofts with a total usable space of 1,600m2. Prior to the start of construction works, Magnat sold 94.5% of the shares in the project, involving an investment of EUR 3.2 mln. Magnat is a real estate company with a focus on real estate development in Eastern European countries.