Arcona Property Fund investing in Central and Eastern Europe has acquired a plot of land in the centre of the capital of Ukraine for approximately CZK 50 million (€2 million), Newstream.cz reports.
Since the Russian invasion in 2022, this is the first major development deal implemented by a Western fund in Ukraine. Although the APF real estate fund is traded on the stock exchange in the Netherlands, it is headquartered in the Czech Republic, where its board member Guy Barker also lives.
The fund, which is also active in other countries in central and eastern Europe, is now expanding even further, to the metropolis of Ukraine. In Kyiv, half a hectare of land in the city centre was bought, which is suitable for constructing a luxury residential project. The acquisition completed a 2020 deal with Secure Property Development and Investment (SPDI), which included the purchase of six assets located in Bulgaria, Romania and Ukraine.
Now the investor will evaluate the best possible development and prepare a plan to obtain a building permit. "Currently, we assume two possibilities. Either sell to a developer or enter into a joint venture with a local partner and own the project," added Barker.
