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Urban Regeneration Project in Lviv, Western Ukraine

 

PROJECT / PROGRAMME NEWS

State-of-the art retail centre to create new jobs, promote new industry standards

25 September 2015 – London, UK and Kiev, Ukraine – The Ukrainian city of Lviv is getting a boost with the opening of Forum Lviv, a 35,000m2 modern retail and entertainment centre, financed with a €52.1 million syndicated loan provided by the EBRD and Unicredit Bank, today.

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The retail centre incorporates international and local retailers, as well as restaurants, cinemas and an entertainment area for children. The centre will create new jobs, help promote economic activity and stimulate environmentally-friendly regeneration in the municipality of Lviv. It will also encourage further investment in the city and western Ukraine in general, where Lviv is the regional capital.

Claudia Pendred, EBRD Director, Property and Tourism, said: “This is an important investment for Ukraine. It sets new standards in resource efficiency and sustainable development for Ukraine and the EBRD, while also providing much needed employment opportunities in a challenging economic environment.”

Gawein Minks, Country Director of Multi Ukraine, added: “Multi and its local partners Galereja Centre and Budhouse Group are proud to have worked on Forum Lviv in partnership with the EBRD. We believe the EBRD brings more than just financing to the project, but also includes a vision to support developers of urban regeneration projects. The centre will make an important impact in central Lviv and stimulate the regional economy in many ways.”

Forum Lviv is the first retail and entertainment centre in the country, which will be certified according to the Building Research Establishment Environmental Assessment Method (BREEAM) – the highest-regarded seal of approval in the construction industry. This is particularly important for an urban regeneration project, which helped reclaim a derelict plot of land adjacent to the United Nations Educational, Scientific and Cultural Organization (UNESCO)-protected area.

The BREEAM assesses various aspects of the project, including health and safety procedures on site, energy efficiency solutions, liaison with neighbouring residents and many others. With its BREEAM certification, Forum Lviv is raising the bar in the construction industry and becoming a new benchmark for other real estate projects across Ukraine.

Forum Lviv is owned by Multi Veste Ukraine, a private joint stock company, majority-owned by Multi Corporation BV – a high-quality international real estate developer and operator. The successful commissioning of the retail centre, which is already 94 per cent leased out, sends a strong signal to international and domestic investors and retailers about the opportunities in the Ukrainian market.

The EBRD is the largest international financial investor in Ukraine. As of 1 September 2015, the Bank had a total cumulative commitment of €11 billion in 346 projects throughout the country.

The European Bank for Reconstruction and Development (EBRD) was established in 1991 to nurture the private sector in Central and Eastern Europe and ex-Soviet countries. The EBRD uses investment to help build market economies and democracies from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilizes significant foreign direct investment beyond its own financing. Owned by 61 countries and two intergovernmental institutions, the EBRD provides project financing for banks, industries and businesses. For more information, visit http://www.ebrd.com/index.htm

Source: European Bank for Reconstruction and Development, story by Anton Usov