New York’s Apollo Real Estate Advisors has struck a development JV with European Future Group’s Black Sea Enhanced Returns Fund (BSREF) for a €340 million business park in Kiev, Ukraine.
Proliski Business Park will comprise a total of 115,000 square meters of office accommodation in eight tower blocks, 13,900 square meters of retail, and a 6,000 square meter hotel with parking.
Apollo has invested in Russia, Turkey and other emerging and transforming markets along with a host of other international real estate firms of late. The latest commitment comes hot-on-the-heels of the closure of Apollo European Real Estate III, which raised $1.4 billion (€998 million) for its third dedicated European vehicle.
European Future Group is a Bucharest-based asset manager and real estate developer with around €2 billion of assets under management primarily focused on Romania, but it is also actively investing in Moldova, Turkey and Ukraine.
Jeff Kirby, chief executive officer of EFG, called the Ukraine an “exciting and fast emerging economy”.
“Demand is particularly strong in the capital, Kiev, so we are very pleased to have secured the expertise of Apollo as we undertake our first major project in the country,” he added.