ACMH-managed North Real Estate Opportunities Fund has bought a 185,000 m[sup]2[/sup] site in the Ukrainian city of Odessa for the development of the 100,000 m[sup]2[/sup] Riviera Shopping City, the city's first internationally anchor-tenanted destination shopping centre.
ACMH-managed North Real Estate Opportunities Fund has bought a 185,000 m2 site in the Ukrainian city of Odessa for the development of the 100,000 m2 Riviera Shopping City, the city's first internationally anchor-tenanted destination shopping centre.
The company said that the first phase of development will encompass some 75,000 m2 of built area accommodating a leading international and regional retail offering, including a hypermarket, DIY (Bricolage), electric and white goods, sporting goods, furniture and a 25,000 m2 destination fashion mall. The mall will feature a range of fashion boutiques, a selection of high-street brands and a leisure area with multiplex cinema, 12-lane bowling alley, restaurants, cafe's and bars. The centre will also provide a seasonal outdoor 'Riviera Promenade', featuring open-air versions of the Mall's cafe's and restaurants.
Including the acquisition of the entire site, Phase I will have a total development cost of some EUR 75 mln, of which it is estimated that up to EUR 25 mln will be equity funded. Construction is planned to commence in the first quarter of 2008 with staged delivery at the end of the year. Robert Provine, fund manager of North RE Opportunities Fund said: 'We are looking forward to delivering a retail offering of exceptional international quality. The Odessa Riviera is an important and rapidly developing area of the city, and through the development we expect to become an active member of the local commercial and social community of Odessa.'
