Introduction Today almost all companies try to attract extraneous funding. Real estate is not an exception and along with other industries requires substantial investments. That is why new generation of property development companies together with the cities’ administrations make big effort to attract investors in their projects of local and national significance. At the same time, there are even more investors willing to find interesting projects with the goal to make their money work. We offer you to Keep an Eye on Ukraine not to miss its real opportunities that, in some cases, dominate over the existing risks and challenges. Here you will find the opinions of market leaders and changemakers on the latest developments; analytics of real estate segments; legal overview, latest news and local projects to consider for investments. Anna Nestulia Editor-in-Chief
a.nestulia@gmail.com
Participants from Ukraine KYIV CITY STATE ADMINISTRATION
KYIV CITY STATE ADMINISTRATION
Vitalii Klitschko
Aleksandr Svistunov
Mayor
City Chief Architect
KYIV CITY STATE ADMINISTRATION
KYIV CITY STATE ADMINISTRATION
Aleksandr Spasibko
Oleg Svitlichniy
Deputy head
Head of investments and economic development
ARCHIMATIKA
FOCUS ESTATE FUND
Aleksandr Popov
Andriy Kozin
CEO a.popov@archimatika.com http://archimatika.com/
Senior Partner kozin.trp@gmail.com
URE CLUB
FOCUS ESTATE FUND
Anna Nestulia
Maxim Shkolnick
a_nestulia@ureclub.com +38 (066) 854 00 40
Partner maxim@focus.fund www.focus.fund
www.focus.fund
DLA PIPER UKRAINE
KYIV INVESTMENT AGENCY
Natalia Kochergina
Oleg Mistuque
Partner natalia.kochergina@dlapiper.com www.dlapiper.com
CEO mistuque_oleg@yahoo.com http://investinkyiv.gov.ua
URE CLUB
ARCHIMATIKA
Olga Solovei
Olha Chernova
o_solovei@ureclub.com www.ureclub.com
Lead Project Architect o.chernova@archimatika.com http://archimatika.com/
CBRE UKRAINE
ENSO
Radomir Tsurkan
Sergii Korol
Managing Partner radomyr.tsurkan@cbre.ua
Business Development Director s.korol@enso.ua www.enso.ua
CBRE UKRAINE
UNIT CITY
Sergiy Sergiyenko
Vitalii Melnyk
Managing Partner
sergiy.sergiyenko@cbre.ua
Project Leader http://unit.city
STRAKHOVSKYI GROUP
TORONTO-KYIV
Hanna Strakhovska
Yuriy Kryvosheya
Project Coordinator аnnastrakhovska@gmail.com
Managing Partner yuriykryvosheya@yahoo.com www.facebook.com/torontokyiv/
Sponsors and Partners
Ukrainian Real Estate Market Overview • • • • • •
Major Changes in Ukrainian Legislation Kyiv Office Market Kyiv Retail Market Kyiv Warehouse Market Kyiv Investment Market Tourism in Focus
MAJOR CHANGES IN UKRAINIAN LEGISLATION IN 2017
Provided by DLA Piper Ukraine
WHAT IMPROVES BUSINESS ENVIRONMENT Judicial Reform Launched in June 2017 should help in fighting corruption in court system Supreme Court with new judges selected on a competitive basis Supreme Court as a single cassation body should procure consistency of court practice “Digital Court” – online access to case materials to be established (pilot projects already started in some courts in Vinnitsa, Odessa and Kyiv)
Reform of Real Estate Title Registration already resulted in: Reduction of term for registration of title from 2 weeks to 1 day Registration of title by notaries eliminated corruption Online access to register available to any person (independent searches)
National Anticorruption Bureau fights high level corruption More than 90 corruption cases are filed to courts and are being considered in 2017, including corruption cases involving judges Necessity of establishment of anti-corruption courts is discussed
90
corruption cases are filed to courts
Access to information from Land Cadaster is granted to any person. Land Cadaster on a block chain technology (implementation of technology is in progress) should disable “double registrations� and unauthorized interference.
Anti raider measures in real estate title registration sphere implemented: SMS and e-mail notification of owners on registration actions
National Bank of Ukraine eased-up currency regulations: Mandatory sale of 50% of currency (instead of 65% in 2017) Term for settlement under export-import contracts increased from 120 to 180 days Cancelled prohibition for foreign investors to purchase and transfer abroad foreign currency as refund from selling corporate rights and certain types of securities, reducing, etc.
180
days for settlement under export-import contracts
Reduced tax rates Flat rate of 22% for the Unified Social Contribution tax paid by employers replaced the previous range from 36.76% to 49.7%
22
%
for the Unified Social Contribution tax paid by employers
Complaints on illegal registration actions reviewed in out-of-court procedure by Ministry of Justice allows to promptly react on illegal actions. In 2017 Ministry of Justice cancelled access to the register for 112 registrars. Extended term (up to 60 days) for filing a complaint to Ministry of Justice on illegal registration actions The owner may request any registrar establishing 10 days prohibition on any registration actions with its property without applying to court
1day
for real estate title registration
PROGRESS SINCE 2016 Ukraine climbed up from 80 to 76 position in Word Bank’s rating Doing Business 2018, evaluating conditions for business in 190 countries According to the indicator “obtaining a building permit” Ukraine has risen by 105 points - from 140 to 35 position Ukraine climbed up from 84 to 43 position among 190 countries in rating of simplicity of tax payment
Improvements are caused by deregulation and simplification in construction, taxation, corporate governance, anti-raider measures.
76
position in World Bank’s rating Doing Business 2018
AREAS FOR FURTHER IMPROVEMENT Lack of infrastructure for investment projects: deficit of electricity capacity, old electricity network, bad roads Lack of strategic planning for long and medium perspective on a state and municipal level. Lack of understanding on preferred areas for investments on a state level does not allow to create favorable conditions for such investments
No state investment agency providing complex assistance and representation of investors (assistance with licensing, arrangement of meetings and cooperation with state bodies and municipalities, amendment of city planning documentation, etc.) and no legislation legitimizing such activity Master plans and detailed plans of the territory often does not exist. Changes to master plan and detailed plan of territory are time consuming and complicated procedure for investors No progress with land reform and cancellation of moratorium slows down investments in agro sector Gaps in harmonization of national technical, fire safety standards with EU standards
KYIV OFFICE MARKET
KEY TRENDS
1.72
Take-up volume reached ca. 155,000 sq m (+93.8% y-o-y) over the course of 2017 Subdued supply growth in 2017: 31,500 sq m (-36.7% y-o-y) with 90% of new supply concentrated in Astarta BC (Phase I - 16,100 sq m GLA, Phase II - 12,500 sq m GLA). Hence, total competitive stock grew to 1.72 mln sq m (+2% y-o-y) during 2017
mln sq m
Total Stock
155,000 Take-up
Average market vacancy decreased by 10.5 pp YTD in 2017 from 27.5% to 17%, owing to the strengthening of leasing activity and quick absorption of new supply
mln sq m
17%
Average Vacancy
Rents remained stable, with prime effective rent standing at $23 per sq m/month (triple net) as of the end of 2017
$23
Prime Rents
sq m/month
WHO WAS DRIVING TAKE-UP? IT & High Tech, Telecommunications
43%
Business Services
16%
Construction
11%
Office Market Fundamentals 2017 Stock at the beginning of the year (lhs)
Vacant Stock (lhs)
Take-up (lhs)
Prime rent (rhs) 70
1 800 1 600
60
1 400
50
1 200 1 000
40
800
30
600
20
400
10
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
0
2007
200
0
KYIV RETAIL MARKET
KEY TRENDS
Organized retail turnover marked a +9.7% y-o-y growth over January – December on the back of stronger consumer demand
1.06
Total Stock
Record low new supply of 8,000 sq m in 2017, due to a number of completion delays
Forecast New Supply
Large volume of announced new supply in 2018-2020 (600,500 sq m): 222,500 sq m of that volume is forecast for delivery in 2018
mln sq m
222,500 sq m
2018
Substantial decline in average market vacancy to 5% (-6 pp y-o-y), owing to scant new supply and rising absorption of previously vacant space
5%
Average Vacancy
$ 60-86
Stronger rental growth of 10-25% YTD as a result of a combination
Prime Rent
sq m/month
35
Total number of brands entered the Kyiv market in 2017 Density and Purchasing Power sq m /1,000 ppl
Density (lhs)
Average Nominal Wage (rhs)
USD/month
450
450
400
400
350
362
300 250 200 150
350 300 250
202
199
200
205
150
154
100
100
50
50
0
0
Lviv
Dnipro
Odesa
Kharkiv
Kyiv
KYIV WAREHOUSE MARKET KEY TRENDS
1.25
Buoyant occupier activity driving take-up to 120,000 sq m (+9% y-o-y) Low new supply of 9,300 sq m represented by the extensions of existing warehouses, while no sizeable new properties reached the market in 2017
Total Competitive Stock
120,000
Average market vacancy posting tangible decline from 12% to 6% (-6% YTD) in 2017, due to emerging expansion of retailers and logistics companies Prime effective rents are stable within the range of $3.0-$4.1/ sq m/ month, with the trend of rising asking rents started to be visible
mln sq m
Take-up
mln sq m
6%
Average Vacancy
$4.1
Prime Rents
sq m/month
WHO WAS DRIVING TAKE-UP? Logistics
31%
Retailers
52%
Others
17%
Key Warehouse Schemes in 2017-2018 NAME
DEVELOPER
WAREHOUSE PREMISES, SQ M
STATUS
COMPLETION
SAN factory (Phase III)
Sky Development
4,100
Delivered
H12017
Schastlyve 2
Local developer
4,100
Delivered
H12017
SAN factory (Phase IV)
Sky Development
1,100
Delivered
H22017
FM Logistic Section 5 (Phase III)*
FM Logistic
7,000
Delivered
H12017
FM Logistic Section 6 (Phase III)*
FM Logistic
7,000
Delivered
H22017
Terminal Nova Poshta*
Nova Poshta
20,000
Delivered
H22017
Unilogic Park III
MERX
22,000
Mirazh 3
Mirazh
9,000
Amtel (Phase II)
Amtel Properties
52,000
Under Construction Under Construction Project
2018 2018 2018
*for owner occupation
KYIV INVESTMENT MARKET
KEY TRENDS
Stronger economic outlook along with the more visible growth of occupier demand supported the real estate market fundamentals in 2017. With several investment transactions closed, particularly in office and industrial sector, investment volume totaled USD128 mln (+42% y-o-y) as of the end of December 2017. Deal flow for bank-owned, value-added real estate began in 2016 and picked up speed in 2017. It can be expected that by the end of 2018 most bank-owned professional real estate will be traded, and classical investment market will start to renew.
We expect a further recovery in investment sentiment, in case the moderate economic growth supports the real estate fundamentals. Office, industrial and retail segments will remain equally attractive to investors, with values based on the quality of occupier contracts. On the back of healthier market environment and improving investors sentiment amid declining uncertainty in 2017, prime yields compressed further. While the investment demand continues to pick up gradually, prime yields are forecast to edge lower.
Total volume of investments in commercial real estate in 2017 amounted to $128 million, which is approximately 42% higher than in 2016 SELECTED TRANSACTIONS 1 BC Prime
4 Warehouse Terminal Bucha
2 BC Eurasia
5 Warehouse Pro Logistic Services
Area: 9,000 sq m Kyiv Area: 30,000 sq m Kyiv
3 BC Renaissance
Area: 15,000 sq m Kyiv
Area: 32,000 sq m Kyiv Region Area: 10,000 sq m Kyiv Region
6 Warehouse Diana Lux Area: 15,000 sq m Kyiv Region
1 2
4 3
Office
5
6
Warehouse
Latest News E. Europe’s Biggest Developer Crosses Border to Build Its First Industrial Park in Ukraine In another vote of confidence in Western Ukraine, CTPark Network, the largest developer of business parks in Central Europe, is venturing across the border to build here a 23-hectare factory and warehouse park. This will be the first Ukraine project for CTP, which has 60 industrial parks across Central Europe. The park will be located near an M-10 highway interchange, a one hour, 60 km drive to the Polish border. At build out, the park should house 15-30 companies and create 3,000 jobs. Total investment in the park is to be $80 million. “The city of Lviv is a location of the future, situated in the western region of Ukraine, close by the Polish border and with good connections to central Europe. The city’s mix of a skilled and available workforce, at an affordable cost, and strong tradition of industry, make it an attractive location for major multinationals. For CTP, the support of the local government has been excellent and it shows that the city is open for business. The time is now for Lviv!” - Remon L. Vos, CEO at CTP source: theubjl.com
Kyiv Hotel Revenue Growth Ranks Third in Europe Kyiv’s hotel industry has bounced back strongly, with revenue per available room growing by 20% last year. This was Europe’s third highest growth rate, lower only than Bucharest at 21% and Lisbon at 22%. This industry x-ray comes from Dennis Spitra, director of business development Europe at STR Global Ltd., a company that tracks 10,100 hotels in Europe. 3,000 jobs. Total investment in the park is to be $80 million. source: theubjl.com
Turkish Onur company wins two tenders for road repairs worth UAH 1 bln in Lviv region Turkish company Onur Construction International LLC has won two tenders for building sections of public roads in Lviv region for a total amount of UAH 968 million. According to data from the ProZorro procurement system, Onur Construction International won a tender for the repairs of the public highway T-1806 Rivne-Mlyniv-Berestechko-Busk-Peremyshliany on a section with a length of 23 km. The company offered the final price of UAH 227.99 million, which is UAH 100,000 less than the expected value. Of these, UAH 378,000 will be the company’s profit.
The company also won a tender for the repairs of the public highway N-13 Lviv-Sambir-Uzhgorod on a section 62.5 km long in Lviv region. The company offered the final price of UAH 740.4 million, which is UAH 700,000 less than the expected price. Of these, UAH 378,000 will be the company’s profit. source: Interfax.com.ua
Ukraine to invest record $650 million in railway upgrade in 2018 The Ukrainian government will invest about 650 million US dollars this year, a record sum in 10 years, to upgrade the railway infrastructure, Infrastructure Minister Volodymyr Omelyan announced on Feb.6. source: bunews.com.ua
The Beskydy railway tunnel connecting Ukraine with Europe will be open in May, Ukraine state railway company Ukrzaliznytsya announced The 1,822-meter long tunnel is a section of the fifth Pan-European transport corridor connecting western Ukraine with Italy, Slovenia, Hungary and Slovakia. It will boost Ukraine’s trade capacity withthe European Union. source: kyivpost.com
Horizon Capital wants to invest $100-200 mln in Ukraine in five years Horizon Capital, an asset management company, that invested over $500 million via private equity funds, plans to invest $100-200 million more in the country in the coming five years, Horizon Capital founder and CEO Lenna Koszarny has said. According to her, at present the company is discussing the possibilities of entering into the charter capital with more than 30 companies, trying to find «founders-visionaries». source: interfax.com.ua
The State Property Fund plans to sell its stakes in some 100 enterprises Sumy-based chemical producing plant Sumykhimprom will be put on sale in February for Hr 248.8 million ($8.7 million). Although 99.99 percent of the plant belongs to the Ukrainian government, it is de facto controlled by oligarch Dmytro Firtash’s companies, according to a Radio Free Europe/Radio Liberty investigation. In total, the State Property Fund plans to sell its stakes in some 100 enterprises for Hr 22.5 billion, or $773 million, this year. source: kyivpost.com
Property
Facility
kiev@rustler.eu
I
management
management
Project
management
www.rustler.com.ua
+38(044) 496 52 42
Tourism in focus The Ukrainian capital is attracting a growing number of international visitors and is now looking to build further on its burgeoning reputation as attractive city break destination in 2018 with flagship events like the UEFA Champions League Final
″
About 20,000 foreigners attended Eurovision Song Contest-2017 in Kyiv
″
TOP-10 countries to travel to Kyiv • • • • • • • • • •
Israel USA Germany Belarus Turkey Great Britain Azerbaijan France Italy Georgia
The number of international tourists visiting Kyiv has almost doubled since the lows of 2014 and topped one and a half million in 2017, according to new figures released in late January. Kyiv City Administration officials confirmed that just over 1.5 million tourists visited the Ukrainian capital in 2017. The Kyiv tourism sector received a major boost in spring 2017 when the Ukrainian capital hosted the annual Eurovision Song Contest. This event succeeded in attracting tens of thousands of visitors in its own right. Crucially, it also served as an opportunity to present the charms of the city to hundreds of visiting international journalists.
€150 a foreigner spends while staying in the Ukrainian capital
Over
1.5M foreign tourists visited the Ukrainian capital in 2017
50% rise in international tourists as visitors return to Ukraine following the scares of 2014
42% the current occupancy rate of Kyiv’s hotels
60% of foreigners visit Ukraine as tourists, and remaining third on business
Source: Kyiv City State Administration, Business Ukraine
Ukraine four positions up in Doing Business 2018 ranking Ukraine has climbed four positions in the Doing Business 2018 ranking of the World Bank, ranking 76th among the 190 economies studied, according to a press release from the Better Regulation Delivery Office. Ease of Doing Business:
76
+4
+105
35
Dealing with Construction Permits
Paying Taxes:
According to the document, Ukraine last year had advanced 105 positions in the field of ease of obtaining construction permits, 41 positions in the indicator of «tax payment,» two in terms of «connection to power grids» and one in terms of «settlement of insolvency.» At the same time, Ukraine felt by 32 positions in the ease of creating new companies, 11 positions in protecting minority shareholders, nine
As reported, according to the Doing Business 2017 rating, Ukraine ranked 80th among 190 countries, in the Doing Business 2016 rating (updated in accordance with the methodology used this year) it ranked 81st among 189 countries.
+1
149
+41
43
positions in the ease of obtaining loans, four in the ease of international trade and one in the ease of registering property and enforcement of contracts.
+2
128
Resolving Insolvency
Getting Electricity Source: Interfax-Ukraine
Opinion Honestly about current business environment of Ukraine • Oleh Shamshur, Ambassador Extraordinary and Plenipotentiary of Ukraine to France • Natalia Kochergina, Partner of DLA Piper Ukraine • Oleg Mistuque, Director at Kyiv Investment Agency • Radomir Tsurkan, Managing Partner of CBRE Ukraine • Sergiy Sergiyenko, Managing Partner of CBRE Ukraine • Sergii Korol, Development Director at ENSO • Alexei Chernyshov, Managing Partner of Investment Company Vi2 Partners • Yuriy Kryvosheya, Managing Partner of Toronto-Kyiv • Olga Syvak, Chief Investment Officer of Lviv City Council
THE LEGAL FRAMEWORK FOR INVESTMENT AND BUSINESS DEVELOPMENT IN UKRAINE is currently in a transformation phase to make it coherent to the EU regulation ″ Mr. Oleh Shamshur, Ambassador Extraordinary and Plenipotentiary of Ukraine to France on the embassy’s role in attraction of foreign capital into Ukrainian market, its strategy and main governmental initiatives.
Attracting French investors and French companies into Ukraine, facilitating the entry of Ukrainian companies into the French market, establishment of productive contacts between the French and Ukrainian business communities belong to the main objectives of the Embassy of Ukraine in France. In this respect, the Embassy has been following the state programs and strategies for radically increasing foreign investment into Ukrainian economy. To improve investment climate the Government of Ukraine has been carrying out
deregulation of business activities, reduction of taxes and improvement of procedures related to tax collection, including moratorium on inspections and controls, reinforcement of investors’ rights protection and facilitation of effective interaction of investors with public authorities. The Embassy regularly informs French companies about the latest developments in those fields. We have been witnessing a growing interest of the French business to work in Ukraine. As an example, one of the France’s biggest companies’ ENGIE has become one of the main gas suppliers to Ukraine. Moreover, it has been actively developing its own customer network of end-users, as well as currently it explores a possibility of expanding its activities at the alternative energy market of Ukraine, in particular in solar energy and biogas sectors. I should also mention the construction giant Bouygues, which has played the leading role in creation of the new safe confinement over the 4th power unit of the Chernobyl Nuclear Power Plant. The company NEXANS owns three production sites in Ukraine, which produce cable products for the worlds’ leading automotive brands. Overall, the list of the French companies that have been working successfully in Ukraine for years is long enough, including European and global leaders of retail distribution such as Auchan and Leroy Merlin, agriculture and food processing, such as Lactalis, Louis Dreyfus, Limagrain, Maïsadour, financial services (BNP Paribas, Credit Agricole, AXA), utilities (Veolia, SUEZ). On what hinders investments in Ukraine The legal framework for investment and business development in Ukraine has been currently going through a transformation phase to harmonize it with the EU regulations
in accordance with Ukraine-EU Association Agreement that has come into force. During such a period of deep and comprehensive changes certain inconsistencies and difficulties almost inevitably appear. It should be also borne in mind, that implementation of many reforms will take time to produce tangible results for the business community. The situation gets also complicated due to the continued aggression of Russia against Ukraine at Donbas and illegal annexation of Crimea. Due to these actions Ukraine has lost a part of its productive capacities and raw materials base. However, we always underline that in spite of this dramatic reality Ukraine undergoes profound and positive societal transformations, it has redoubled its efforts aimed at improvement of the business climate. The country is open for investors.
On interest of the French companies in Ukrainian market
On how the visa free regime affects the investment attractiveness of Ukraine
I have already given some examples. A strong participation of the French business in the Ukrainian-French Business Forum held in Paris in October 2016 was another example of the positive trend: the event was attended by more than 300 representatives of small and mediumsized French enterprises. This was followed by ÂŤAtelier UkraineÂť organized by Business France in December last year. It also generated interest among numerous French companies.
I think, the adoption of the visa free regime for Ukrainian citizens for travels to the EU, and France in particular, will have a positive effect. For example, representatives of small and medium-sized Ukrainian businesses now have more possibilities establish closer contacts with their French colleagues, participate in fairs and exhibitions in France. Apart from attracting French businessmen we would like to see more Ukrainian entrepreneurs enter the French market more actively and professionally.
There are a number of sectors that are very attractive for the French business: energy, transport, retail distribution, agriculture, as well as finance, waste recycling and development of ecological technologies. On how Ukraine is perceived today in France In a way, four years ago France started to rediscover Ukraine. Ukraine has been increasingly viewed in France as a country that has made an existential choice in favor of the European model o development based on the shared democratic values and modern, competitive economy, it is being perceived as a partner with a great potential for development and mutually beneficial cooperation in many areas. Our bilateral relations have never been so dynamic, though we still have a long distance to cover. France ranks the 8th among foreign investors in Ukraine, it occupies the 12th place among Ukraine’s trade partners, though our trade turnover decreased by 0.8% last year. I am sure we can and must do better.
Visa-free regime has facilitated exchanges between our two countries at all levels. I am convinced this would result inter alia in multiplication of the joint business endeavors advantageous to both sides. Ambassador Oleh Shamshur is the author of over 80 publications on international migration, ethnic relations and foreign policy. During his career Mr Shamshur served as - First Secretary and Counselor of the Permanent Mission of Ukraine to the UN and other international organizations in Geneva and Minister-Counselor of the Embassy of Ukraine to the Benelux Countries. - Head of the European Union Department and Deputy Minister of Foreign Affairs of Ukraine. - Ukrainian chief negotiator of the EU-Ukraine Action Plan. - Ambassador Extraordinary and Plenipotentiary of Ukraine to the USA. - Deputy Head of the State Committee of Ukraine for Nationalities and Migration In October 2014 Mr Shamshur was appointed as Ambassador of Ukraine to France.
UKRAINE, WITH HIGHLY QUALIFIED WORKFORCE AND MANY INEXPENSIVE ASSETS, IS AN INTERESTING DESTINATION FOR INVESTORS Natalia Kochergina, Partner and Head of Real Estate at DLA Piper Ukraine on why Ukraine should be considered as attractive investment destination
of Ukraine). The economy grew by 2.3% in 2017. In 2018 Moody’s expects 3.5% GDP growth, while Ukrainian government is more optimistic with up to 7% GDP growth expectations.
Ukraine is one of the last countries in Europe where the value of real estate is significantly understated and prices for commercial and residential property remain low. Over the past 12 months we have seen increased interest of foreign investors looking for opportunities to purchase yet-available quality property facilities, or sites for further real estate development. The demand for high quality retail space is consistently high and the vacancy in business centers and logistic complexes gradually reduces.
Many CAPEX projects that has been previously frozen in 2014-2015 are now resumed. Therefore, it is very likely that Ukrainian real estate market will soon begin to pick up.
2016, retail trade grew by 3.7% in ″ Incomparable prices and by 8% in 2017
(according to the State Statistics Service
″
The military conflict on the south-eastern border represents a threat for business stability and FDI inflow. However, Ukraine with a dedicated support of international partners is currently working on political measures towards the comprehensive and lasting settlement of the conflict. Recently, the country made a step toward fighting against corruption. Decentralization and amendments to laws removing grounds
for abuse of authority, as well as establishment of specialized anti-corruption bodies became a good signal for business. In June 2016, the judicial reform aimed at elimination of corruption in court system was launched by enactment of the Law of Ukraine «On Amendments to the Constitution of Ukraine on Justice».
international institutions have ″ Many recently admitted Ukraine’s progress in
reforming and stabilizing its banking sector. The National Bank has weakened currency control regulations and takes measures to ease up the movement of capital.
″
During 2013 – 2017 Ukraine significantly improved its title registration system. Currently the title to real estate is registered in a digital and publicly available State Register of Proprietary Rights to Real Estate. Starting from December 2017 online registration of lease title to agricultural land is available. In order to combat hostile takeovers of property, the completely new system for contesting unlawful registration was implemented. The Ministry of Justice is now empowered to review claims of owners on illegal change of record in the Register of Rights to Real Estate and repeal such illegal changes, which allows reacting immediately to any attempts of title takeover without waiting for a court. In October 2016, the new system of registration was strengthened. Amendment of records in the register without informing and obtaining consent from the owners is prohibited. IT technologies informing owners on any actions with their real property are being implemented. Ukraine recently climbed up by four positions in Word Bank’s rating Doing Business 2018 and currently ranked 76th among 190 countries. According to the indicator «obtaining a building permit» Ukraine has risen by 105 points - from 140th to 35th position.
Being a country from the Soviet bloc, Ukraine has a number of state-owned enterprises, which require modernization and substantial investments. EBRD has noted that Ukrainian economics will accelerate in case of transparent privatization. To boost privatization process, in January 2018 the Parliament adopted new law on privatization of state and municipal property developed by Ministry of the Economic Development in co-operation with EBRD based on best international privatization practices. The State Property Fund of Ukraine assumes that enactment of the new law will allow completing the state privatization program by 2020. All the above initiatives and developments ensuring financial stability and providing equal, fair and transparent conditions for investors demonstrates Ukraine’s willingness and ability to respond to challenges it faced.
SINCE 2014 WE HAVE SIGNED 24 AGREEMENTS AND HAVE 60 PROJECTS TO OFFER THIS YEAR Oleg Mistuque, Director of Kyiv Investment Agency on key investment projects in the city and the way local authorities can cooperate and encourage investors On how the city plans to attract foreign companies to invest in commercial, industrial and IT projects The city made significant steps, allocating funds from the budget for the creation of full-format pre-feasibility studies, and in some cases, feasibility studies for projects that may have an interest for foreign investors. One of the tasks of the Kyiv Investment Agency is to develop preproject proposals. Right now we expect that Parliament will adopt the draft law on concession, which was development under the auspices of the EBRD and the Ministry of Economic Development and Trade of Ukraine. The adoption of this law will provide legal mechanisms for any organization, either a state authority, state fund or a community to act as a co-investor of a project.
Thus, many projects, both green field and brown field, including in sectors that were not the focus of investors will become attractive for financing.
″
On top-priority projects for the city
Projects aimed at modernizing the city’s infrastructure, primarily in the transport sector, and addressing energy security and sustainable operation of the city will be the top-priority for the next two years.
″
Among such projects are modernization of the existing heating systems and its energy efficiency. It requires several billion dollars of investment. Today, we encourage energy service companies to partner with the city in order to make municipal buildings energy efficient.
On what prevents investments in Ukraine and ways of solving the main problems at the local and national levels The investors coming to Ukraine usually are interested in particular projects, including those, which require up to $ 100 million. At the same time, transactions above $ 50 million exceed the acceptable limit of almost any International Financial Organization. One of the possible solutions may be the establishment of a Ukrainian Infrastructure Fund in association with strong international partners. In this case, the capital of the fund would be from state and global investors in the proportions of 25% and 75% correspondingly. Today such model works efficiently in Turkey and South Korea. The idea of this mechanism has been already discussed with several international organizations and the IMF. I believe more companies and global players will support its implementation once Ukraine revives the privatization program. At the same time, the government should initiate a program to encourage investors to contribute to operating state enterprises that have good indicators of profitability but with a lack of investments and credit resources.
On the countries interested in entering Kyiv market In the second half of 2017, the number of investors interested in commercial real estate has significantly increased Many foreign global companies have been reaching the Kyiv Investment Agency regarding building their own offices in Kyiv. On results and goals of the Kyiv Investment Agency
During the 3-year period, we managed At both the national and local levels, the public to reform the Kyiv Investment Agency, introduced a simple and transparent 90-day sector should learn how to work in the format process for approving investment projects, of service-level agreements and outsource the major part of its functions, except for regulatory and increased the participation of international financial institutions and development ones. The government should also initiate agencies in municipal programs. Since 2014, mechanisms to involve private companies in we have signed 26 investment agreements public service obligations as governmental agents. Supposedly, once the country hosts the for the implementation of infrastructure and other projects in the capital both with investors ready to work in the format of public local and foreign investors. Now a package private partnership, there will be no need for of more than 60 proposals for real estate many communal enterprises, which, due to and infrastructure projects has been prepared, their overregulation, hamper the acceleration which should find their investors this year. of economic development.
CBRE UKRAINE MANAGING PARTNERS ON COMMERCIAL REAL ESTATE MARKET, RESULTS OF 2017, AND OUTLOOK FOR 2018 2017 has been a year of mixed sentiment in Ukraine. On the one hand, the long promised and overdue political reforms – which underpin economic development – have stalled, and the Ukrainian political field entered a period of stagnation. On the other hand, business environment displayed noticeable improvement, employment market revitalized, and investment activity picked up speed.
According to the results of 2017, we witnessed occupier demand strengthening with intentions for expansion in all the sectors. As a knock on effect, the market posted a noticeable vacancy decline with grounds for rental growth.
“Moderate economic growth gives a reason to believe that occupier demand will expand further. Once the supply-demand imbalance unfolds and vacancy falls below equilibrium putting upward pressure on rents, developers will consider to commence new development to fulfill the need for quality space. Demand will activate the development engine” –Radomyr Tsurkan, Managing Partner of CBRE Ukraine Having said that, the market still has a limit on capital, which drives the selling price down. Investors, who look to purchase a project for ca. $50 mln and above, have at least 5 offers to consider. Indeed, the number of investors with such investment volume at their disposal is generally limited. At the same time, the majority of real estate investors currently active on the market with much lower investment volumes of ca. $10 mln are faced with the deficit of quality assets to invest in.
“With global economy booming and major Ukrainian political terms nearing their expiration dates, expectations are there for moderate but steady growth in 2018” –Sergiy Sergiyenko, Managing Partner of CBRE Ukraine
Radomyr Tsurkan Managing Partner of CBRE Ukraine
Sergiy Sergiyenko Managing Partner of CBRE Ukraine
Rental rates should sufficiently rise, vacancy should sufficiently fall, and debt financing is expected to return to further boost development and investment activity in the sphere of commercial real estate. With positive economic and market dynamics on the cards, the scene is well set for again turning attention to the Ukrainian market by the international real estate community.
ENSO.UA
GOOD REPUTATION IS KEY FOR RESIDENTIAL REAL ESTATE DEVELOPERS Sergii Korol, Development Director at ENSO on residential market, its major issues and current trends in the Kyiv market I often hear that residential real estate market is going to crash. At the same time, there are projects demonstrating good sales indicators. The key secret of such results lies in the interesting and, sometimes innovative product for a reasonable price.
There are developers with so good market reputation that they start selling apartments for fair market price even before starting construction works. Therefore, we can’t say that situation is bad. However, there are several issues to be aware of. The first issue is lack of strategic, holistic approach to development of the city. In developing countries the key to the project, district, city development, first of all, is guarantee of civil rights stated in codes, laws
and restrictions. This is the main reason why market players think of logistics meaning access ways, roads, and public transportation system before starting construction. In other words, at the very first stage they determine the volume of the future real estate development and the accessibility for the residents.
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The second issue is the customers’ impact on the market.
The way potential customer makes a decision on purchasing an apartment, his/her top priorities have a significant influence on residential market, its trends, priorities, and prospects.
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Today many local developers and architects understand that only comfortable, interesting for living mixed-use complexes of medium scale, which offer not only square meters (apartments), yards and playgrounds but unique atmosphere, amenities for all social groups, determine the vector of development in the next few years. e. ENSO is the Ukrainian innovative development company, founded in August, 2017 in Kiev. The main scope of ENSO’s business is the development, construction and management of projects of residential and commercial real estate. The company was created by the team of like-minded professionals with extensive experience in the construction industry. ENSO fills the space with meaning, offering effective, balanced solutions, which are based not only on customer care, but also on the appearance of Kiev landscape.
ENSO fills the space with meaning, offering effective, balanced solutions, which are based not only on customer care, but also on the appearance of Kiev landscape. ENSO creates dramatically new, niche projects in the real estate market of Ukraine. They are based on an equally technological and rational proposal to the client, as well as a meaningful integration into the external appearance of the city and infrastructure.
TO REGAIN INVESTORS’ TRUST IS THE ONLY WAY TO ATTRACT FOREIGN CAPITAL INTO UKRAINE Alexei Chernyshov, founder of Investment Company VI2 Partners, Supervisory Board Chairman of URE Club speaks on investment trust to Ukraine and main issues in investment appeal into different sectors of Ukrainian economy. What Ukraine faces today is unstable political and economic situation. Though commercial real estate still demonstrates fast growth and development. However, the market will experience the lack of capital in 2018. And this is the main problem we will live with. Even so, Ukrainian entrepreneurs are good in creating competitive and efficient concepts - they are
quite good in construction and management. But this is not what allows investments to flow into the country. Some foreign players, who are interested in doing business in Ukraine and have plans to invest into the country, keep saying about its investment trust. And this is rather negative factor that does not allow commercial real estate to turn into attractive sector for serious investors. Furthermore, this reason influences their entering Ukraine with long-term money and large-scale projects. Without any doubt, Ukraine has a number of unique assets such as human capital, natural resources and country’s geography. At the same time, the country is well known for its
economical and political risks, among which we can talk about lack of proper justice and governance systems, corruption and poor economical reforms. I strongly believe, that it is not enough for the country to get 2-3 billion of financial aid from international institutions. What business and economy need is dozens of billions of investments. And, I think, the only way to get them is regaining the investors’ trust. This is possible only in case if state authorities change their attitude toward business and move to real and visible actions instead of declaration. It is also vital to implement new approaches in cooperation with business and investors.
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What are the most appealing areas for investments into Ukraine?
All of them. Any of the real estate segments may potentially be interesting for the investors. It is obvious, that there is huge demand for new housing to replace the existing housing stock.
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Especially, among the residents with low capacity to pay. The only thing needed for market growth is steady economic development. If economy starts to grow, credit institutions will start to operate here and mortgage will become available. This is the way to trigger residential real estate market. However, it is commercial real estate that needs capital inflow from foreign investors more than other segments of the local economy. Lack of the capital means slow development of real estate market and its low profitability.
In addition, the local government does not protect investors and their interests in Ukraine in a proper way. I would like to mention some positive features as well. There is constant development in the sphere of the infrastructure, e.g. road construction and etc. However, its number is an integral part of the economic growth. Nowadays, what we have in local economy – the government can not afford it on a sufficient level.
EXISTING MARKET PROSPECTS IN UKRAINE CAN BRING MUCH MORE ATTRACTIVE RETURNS THAN IN OTHER MARKETS Yuriy Kryvosheya, Managing Partner at Toronto-Kyiv on issues that impede entering foreign investors Ukraine, possible ways of their solutions and what sectors should be considered as the most promising to invest in What does impede foreign investments into Ukraine? Instead of listing typical issues that are extensively covered in the media, I would like to add that market perception is one of the obstacles. In particular, a significant number of investors, and representatives of business community in general, form their opinion based on the media headlines and/or on the brief summary reports without diving into deep analysis. While this is a common approach in today’s world of excess information, a number of foreign investors ignore some attractive opportunities, which they would not
necessarily do so with proper due diligence, or simply they are not even aware of some investment options in our country that already properly fit their established investment guidelines. Here, I am trying to say that investors also need to step up, especially if they are hunting their desired IRR; otherwise, going forward they might be a few steps behind the investors who are already in the country and strengthening their competitive advantage as we speak. For example, just a few days ago GE signed historical $1 billion deal, which is one of the biggest US investments so far. Of course, I do not deny the fact that we, as the country, still need to do a lot of significant enhancements in general and to improve the perception of our market, but, at the end of the day, the complete investment decision is also not made based solely on the glance at the balance sheet of the investee and/or merely with the cap rate consideration.
What may be key factors/solutions to let more investors do business in Ukraine? In my opinion, it is not about ‘letting or not letting’ investors into Ukraine, but it is about joint efforts because it takes ‘two to tango’. First of all, we have to progress much further with reforms and the set up of the proper environment with transparent & equal rules of the game for all market participants. Secondly, each one of us, representatives of the Ukrainian business community, has to become an Ambassador of our market in order to help to improve the image overall because, in reality, there are good opportunities & projects on the market that sometimes simply lack liquidity. On the other hand, foreign investors, a significant number of whom today have excess liquidity and constantly complain about the lack of decent projects, have to realize that existing market prospects in Ukraine can bring much more attractive returns than in other markets, especially if they are structured together with the proper reputable partners, including IFC and EBRD, which are well established on the market.
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What real estate sectors are going to be perspective in the nearest future? What are key indicators for this?
Overall, we observe noticeable rejuvenation in various sectors of economy, including Real Estate, and diversity in the growth of the economic activity certainly sends positive signals.
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In terms of Real Estate, quality commercial space in both office and retail will offer new opportunities for investors. The reasons for that are not only decreasing vacancy rates
and recent positive spikes in absorption in these subsegments, but I can say that the nature of demand has also positively changed. For example, while a few years ago the market had observed the trend of renegotiations of the existing leases, today, an increasing number of perspective tenants are actively looking for larger area sizes and are ready to allocate noteworthy CAPEX budgets for the new shell & core spaces. Furthermore, we see strong improvements in the hospitality market in many aspects, including the corporate segment, where a number of global companies that did not book since 2013 are coming back to the market again. And, the aforementioned positive developments are only examples of many more positive happenings in Ukraine today.
LVIV DEFINITELY CAN BE CALLED ONE OF THE MOST ATTRACTIVE CITIES OF UKRAINE IN TERMS OF INVESTMENTS Olha Syvak, Chief Investment Officer, Lviv City Council on investment strategy of the Lviv city, new approaches to investor relations, key challenges and prospects On countries interested in Ukraine The city of Lviv definitely can be called one of the most attractive cities of Ukraine in the field of investments. First of all, this is due to its good geographical location of 70 km from the EU border, the presence of modern airport and other infrastructure, and most importantly thanks to advanced sectors of the economy such as IT & SSC, tourism, mechanical engineering, printing and publishing, fashion industry.
This year, city begins the implementation of three important large-scale projects. Two of which were initiated by IT sector - Innovation District IT Park (100,000 sqm) and LvivTech.City (40,000 sqm). These projects arose due to the large demand from Lviv IT industry, which dynamically grows by 20% per year and requires not only modern office space, but also a developed integrated infrastructure. The Innovation District IT Park project, for example, will have space for the university, as the IT industry pays great attention to training and development of its specialists. These projects are initiated by Ukrainian developers with attraction of loan financing from international financial institutions. The third project, which will start in 2018 and is crucial for the city, is business park by Dutch
investor CTP www.ctp.eu. Lviv is the first city where CTP started its operations in Ukraine. CTP’s built-to-suit model will be interesting mainly for large European manufacturing and logistics companies who are considering relocation of their business to Ukraine. Those companies should not bother about building permits, connection of utilities and getting contractors, CTP is ready to provide turn-key solutions and commission the tailored facilities in 9 months. On major challanges for investors and ways of their solutions Investors know very little about Ukraine. The news coming from us are mostly negative. Therefore, it is crucial to continue the reforms and fight corruption at the government level. At the city level, we have little tools to encourage investors, but our goal is to prepare the ground for investment that will come here in 1-3 years.
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One of the tasks of Lviv Investment Office is the organization of business missions and providing information on investment opportunities to foreign investors
We often had situations when foreigners came to Ukraine for the first time with a little fear, and after a few days in Lviv, they changed their emotions to admire. On countries and investors interested in Ukraine
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Due to the lack of information we have limited number of investors from Germany, Great Britain and the United States and usually these countries invest heavily in CEE. Therefore, we try to invite these investors to Ukraine. Over the past few years a few German companies from automotive sector invested in our region but the limit is far not exceeded.
We see a great interest from Turkish companies that are traditionally strong in the construction of roads, hotels and other real estate. Foreign real estate investors do not hurry up to develop new projects because of the country risks but we see moderate interest to buy historic property from trophy investors. On changes in work with investors, attractive and unattractive factors Unfortunately, there is no separate investment climate in Lviv as we work under the “Ukraine” brand and within the framework of the general legislation. When I took the position of Chief
Investment Officer 3 years ago I realized that every city was promoting itself somehow and the Ukrainian government had no interest in attracting investors. At the end of 2016 the government finally launched Investment Promotion Office, which coordinates the work with investors at the central level. We cooperate with Ukraine Invest effectively and I am glad that we can address issues jointly. On results and wins Our greatest achievement so far is the attraction of CTP investment. I personally saw the business parks that CTP built in the Czech Republic and I admire the high-tech companies working in these parks. We want such project to be implemented in Lviv as soon as possible. On strategy and tactics Our strategy is professionalism and honesty. Yes, doing business in Ukraine is not easy. But the bigger the risk, the bigger the profit. If there are risks associated with a particular project, we do not wrap them in a piece of paper, but openly talk about it with potential investors. I had occasions when investors asked my advice on projects and then decided not to invest. On the one hand, we seem to have lost the project, but we have a wonderful relationship and they will definitely return to us in some time when the situation or legislation will improve. They already marked Lviv on their map. Investing is a long process, and we can wait. On goals and prospects Tourism and MICE industry are developing actively in Lviv. We need a large modern con-
gress center for conferences and forums. Thus, we plan to attract an investor, possibly on PPP terms, to implement this project. Also, I hope that in 2-3 years the overall economic situation in the country will improve and manufacturing investors will flood into Ukraine and the CTP business park will be full. This will encourage us to start a second business park of 60 hectares that the city has already allocated for this purpose.
Olha Syvak serves as a Chief Investment Officer at Lviv City Council since 2015. She has more than 15 years of experience in investment and finance advisory. Attracted about â‚Ź100m as equity and loan financing for Ukrainian companies in agro, telecom, food processing and retail sectors in Western Ukraine while working at Citadel CapitalUkraine, M&A advisory firm. Acted as a Finance Advisor at IFC (World Bank Group) in Corporate Governance Development project. Graduated from Economic Department of Lviv National University, obtained MBA from Lviv Institute of Management, had an internship at Wayne State University (Detroit, USA). Contacts: invest@lvivcity.gov.ua.
Projects in Focus • • • •
Innovation District IT Park Unit.City Kyiv Cable Railway Kyiv Business Harbor, Industrial Park
INNOVATION DISTRICT IT PARK It is the largest and the most important 210 000 sqm development in the city to host IT Hub of Ukraine
www.itpark.eu
PROJECT CONSISTS OF
LOCATION
• 6 blocks of 8-storey buildings – 66 000 sqm of GLA • 2 office towers – 44 000 sqm • University with technological laboratories – 10 000 sqm • Hotel – 156 rooms • Shopping and leisure center – 30 000 sqm of GBA • Conference facilities – 1200 sqm • Kindergarten – 3 000 sqm • Indoor and outdoor parking – 2 500 parking lots • Open green areas for sport and leisure – 20 000 sqm
10 ha in the city of Lviv
50 000 SQM
OF OFFICE PREMISES SIGNED
PARTNERS Multi Corporation-Blackstone, Metro, Medicover, Billa, Lviv IT Cluster
PROJECTS
GALEREJA CENTRE LTD developer and investor of Innovation District IT PARK Galereja Centre is a private investment and development company that is implementing projects in commercial real estate in Lviv and Western region. During last 11 years the company is developing its own projects and joint projects in cooperation with Ukrainian and international companies and provide services to investment, development and construction companies. The company manages the full cycle of development: from the choice of land plot and its allocation with obtaining of all necessary permits to the organization of design work, construction management, general management of the project to date of commissioning and run of the completed facility.
www.galereja.com.ua
THE GATE TO UKRAINIANE TECH SCIENCE UNIT.CITY MISSION To create a unique innovation park in Ukraine, where the best progressive companies, startups and specialists can cooperate; grow faster than at any other place.
VISION • Form and support active business community and entrepreneurial culture • UNIT City Ecosystem combines all the necessary elements for innovation and growth. • All conditions and unique set of services for startups: counseling, accelerating programs, access to investors and fundraising, labs for prototyping
LOCATION UNIT City has a convenient location in the central part of Kyiv, 2,5 hours to Frankfurt, 3,5 hours to London
PROJECTS
NOW UNIT.CITY HAS: • 35 residents – innovative companies + 50 new residents till the end of Q1 2018 • IT School UNIT.Factory (800 students) • 3 accelerators (telecom, agritech, hardware) • 1 business campus • 3 laboratories (VR/AR, Prototyping and BlockchainLab) • 2 event spaces for 200 persons • Café, gym, parking zones, bike-parking zone
UNIT.CITY WILL HAVE IN THE NEAREST FUTURE: • 25 Ha • 15000 residents • New business campuses • Living sector
ARCHIMATIKA BUREAU OF ARCHITECTURE 1,5 mln sqm in use 3,5 mln sqm under construction 200 professionals in team 12 years of practice
PROJECTS
WE TURN INVESTMENTS INTO PROFITS VIA ARCHITECTURE archimatika.com
KYIV CABLE RAILWAY PEOPLE’S FRIENDSHIP ARCH, POSHTOVA SQUARE, TRUHANIV ISLAND, HYDROPARK FEATURES OF THE PROJECT The concept of the project is to develop a cableway line and boarding stations with implementation in several stages.
FIRST STAGE BY THE ROUTE People’s friendship arch - the Poshtova square Truhaniv island
SECOND STAGE Trukhaniv Island - Matveyevska Bay - Desenka River – Hydropark
ESTIMATED INVESTMENT:
$21 million
PROJECTS
LOCATION People’s friendship arch is located behind a complex of buildings of the National Philharmonic of Ukraine in Khreshchatyi Park. The memorial complex is located on the top of the right bank of the Dnieper. Currently, only a pedestrian bridge connects the city with Truhaniv Island. Trukhaniv Island, located on the Dnipro river opposite the historical Podil, district of the city of Kyiv. It has an area of 4.5 km2 (1.7 square miles). Matveyevsky Bay - the Gulf of the Dnieper, located on Trukhaniv Island, 3 km below the River Station. Hydropark is a park with an area of 365 hectares, located on the Venetian and Dolobecky islands between the Dnieper and Rusanivska Strait, a waterentertainment complex with numerous beaches and water attractions.
PROJECT DETAILS Total length: ~ 6170 m First stage: ~ 950 m Second stage: ~ 5220 m Number of boarding stations: 7
KYIV BUSINESS HARBOUR, INDUSTRIAL PARK Investment project «Kyiv Business Harbor» is a largescale project of the industrial park, which consists of the creation of a industrial, wholesale and retail cluster, which consolidates production and trading capacities for local production in the city of Kyiv.
UNIQUE CONCEPT • The largest project of the industrial park in Ukraine • Providing the necessary infrastructure and providing a full range of business services for the deployment of industrial, commercial and other activities • Full range of services and related services • Transparent procedure for passing the customs border
THE ESTIMATED INVESTMENT AMOUNT
$440 million
PROJECTS
MAIN PROJECT COMPONENTS
PROJECT DETAILS
• Production complex • Retail trade complex • Warehouse complex • Business center • Wholesale trade complex • Customs Terminal • Office premises • Exhibition complex
• Land area: 106 hectares • GBA: 326 000 sq.m • GLA: 230,000 sq.m • Parking: 13,000 lots
STRATEGIC LOCATION AND CONVENIENT ACCESSIBILITY Easy access by transport infrastructure and the possibility of fast delivery of goods to the EU
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