Univermag Ukraina

Country
Ukraine

Description
Western-style retail shopping mall in Kyiv.

During the Soviet era, Univermag Ukraina was a very large state-run department store selling a variety of state produced goods of uneven quality. It had almost universal name recognition in Kyiv and throughout Ukraine. The property is located near Kyiv's main train station and a tram stop, and across the street from the Kiev Circus, a major attraction for families.

NCH acquired ownership in the property through a combination of winning a tender process and direct share purchases from employees in the open market. Given its long-term commitment to the Region and its view that the Ukrainian economy would rebound after the 1998 economic crisis, NCH began its redevelopment program for the property in 2002 by shutting down retailing operations, terminating existing management and staff and liquidating inventories. Renovations included a top-to-bottom refurbishment, with planning and construction overseen by NCH project management staff members in Kyiv.

NCH recruited an experienced retail property manager to oversee tenant fit-outs, direct pre-leasing and tenant negotiations, and remain on-site as full-time property manager following the opening. By the time construction was completed in 2003, the new shopping center was 95% pre-leased.

Property
Univermag Ukraina’s retail space measures approximately 35,000 m2.

During the renovation project, non-load-bearing walls and ceilings were removed to create an atrium-style mall on four stories, plus a basement. The basement was designed for a supermarket, the next three levels for retail, and the top floor for a multiple cinema and food court. In addition to outdoor surface parking lots, the mall has a newly built 11,000 m2 enclosed parking deck for nearly 400 vehicles.

Status
Realized – Sold in 2006 to a Western European institutional buyer.


For more information please contact:
Vanessa Koury
(212) 641-3220
vanessa@nchcapital.com
NCH Capital Inc. 452 Fifth Avenue, 24th Floor New York, NY 10018