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Multinational JV to Invest $144M in Ukraine

MCLEAN, VA-Three partners, one of them based here, are looking to buy in second-tier Ukrainian cities starting next year.

By Debra Hazel | Updated on December 18, 2007

MCLEAN, VA-The high streets of Ukraine’s second-tier cities will soon be getting a retail facelift, as a joint venture of Marbleton Property Fund, Alfa Bank Ukraine and Griffin Investment Partners will acquire and redevelop selected locations there, creating a €100-million (about $144 million) portfolio. The first acquisitions are expected in the first quarter of 2008.

Each partner has committed €10 million in equity capital to the venture, called Metropolitan Properties, which will invest in value-add properties and then begin redeveloping, repositioning and retenanting them.

“We see strong demand by retailers who are targeting the dynamic consumers throughout Ukraine,” said Richard Sobel, CEO of Moscow-based Alfa Capital Partners, a private equity investment firm that is a co-founder of Marbleton Property Fund. “We look forward to working with local and international retailers as they grow and expand their businesses, particularly in Ukraine’s regional cities.”

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