Nanette Real Estate enters Ukrainian market

Central and Eastern European property developer Nanette Real Estate Group NV said it has purchased a 15 pct stake in Olimpia Real Estate LLC for 3.9 mln eur from Olimpia Euro Constructions BV. Olimpia Real Estate holds 100 pct of a Ukrainian company that owns a 118,000 sq m plot of land in the centre of Kiev, Ukraine. Nanette. Its partners are investigating options for bank financing and attracting more equity investors for the development of the project. The deal was financed from existing resources, Nanette said, adding Ukraine and Kiev in particular show tremendous potential and can potentially escape the effects of the credit crunch seen in the international real estate industry. Olimpia Real Estate Ltd, of which Nanette CEO Oskar Kazanelson is the chairman, holds 45 pct of Olimpia Euro and is a 29.9 pct shareholder in Nanette, the company said.

Source: www.forbes.com