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During 2006-2008 the corporate finance department of KINTO has completed three private placements of shares of OJSC "Energy Technology" the owner of all property rights and developer of Trade and Entertainment Centre (TEC) "Stanislav" in Ivano-Frankivsk. Two placements were conducted in 2006 UAH 3.1 mil ($0.6 mil) and UAH 20 mil ($4.0 mil), and one in 2008 12.9 mil ($2.6 mil). TEC construction was halted in October 2008 at 45% of completion due to global financial crisis. Today, the department conducts search of a buyer for the project or co-investor for its completion.

TEC "Stanislav" is a modern multifunctional shopping and entertainment center, which implements a concept of trade + entertainment, aimed at consumers with average income.

Competitive advantages:

1. The concept is unique not only for Ivano-Frankivsk, but in some aspects for the whole country: trade area of 10,000 m² is combined with the developed entertainment part. TEC includes: ice skating rink (715 m²), bowling (14 lanes), large food court (760 m²) with three independent food operators, separate cafes on all floors, wide (9 m) trading gallery under a glass lantern, escalators with wardrobes for clothing underneath, children's room, Gentlemen lounge-room, an outdoor arboretum shop and winter greenhouse (on the two-storey building rooftop), fitness clubs and spa salon. All this provides unique opportunities for organization of cultural, advertising and entertainment events, personal and business meetings, sports and active games, rich and meaningful leisure. Thus, the complex of 20 000 m2 incorporates such a strong entertainment part that it would be good enough even for a complex of triple its size (60 000 m2).

2. Location in the city center as an extension of the main shopping pedestrian Independence Street. TEC is situated 150 m far from the hotel "Nadiya" (downtown hotel of the city) and the Regional Drama Theatre. Moreover, there are three university campuses in neighboring districts. In total, attraction zone is estimated to include 60 thousand inhabitants. Due to the lack of large sites for construction, there are no real competitors for TEC in this area.

3. The architectural style of the TEC, Central- and Eastern European architecture (Austria, Hungary, Poland) of the late XIX - early XX century, is typical for Ivano-Frankivsk downtown. TEC was named in honor of Prince Stanislaw Pototski the founder of the city.

4. "Green building" regulations application, which results into more space, sun, fresh air, green plants inside and outside of the TEC. Global statistics shows that the use of "green" standards increases property value by up to 11-14%.

General arrangement: Two connected blocks 2-storied and 4-storied. First floor: food supermarket with ancillary facilities, bank branch, pharmacy, household goods store, built-in parking for 87 cars, mobiles shop, two entrance halls with escalators and boutiques. Second floor: electronics, perfumery and sports supermarkets, children's supermarket, gallery of different boutiques and cafes. Third floor: ice skating rink, food court, books and media shop, children's room, spa-salon, outdoor arboretum-shop (on the roof of a two-storied block), and greenhouse. Fourth floor: bowling, cafe, fitness club, office space, lounge-room for men.

Total cost of TEC "Stanislav" project is UAH 148 million (USD 18.5 mil). From 2006 to October 2008 a total of USD 9 mil was invested (UAH 45 mil with the exchange rate of 5.05 UAH for 1 USD, which was stable until 22 October 2008). Approximately UAH 76 mil (~ USD 9.5 mil with the current rate 8 UAH for 1 USD) is needed to finish the construction. It will take one year after resumption of financing for TEC to be completed and put it into operation. The main income of TEC "Stanislav" will include cash flows from rents and operations of the ice rink and bowling. The average rental rate for 1 m² of leased space in the middle of 2011 is forecasted at UAH 150 per month (US$ 18.75). In a typical lease contract the rate is adjusted according to the USD/UAH exchange rate and annual inflation rate in the country.

Main characteristics of the project

Owner OJSC Energy Technology
Total area 20 043.00 m² (including parking)

Gross leasable area (GLA)

9 650 m²

Entertainment area

3 801 m²

Parking slots

87

Average rental rate

UAH 150.0 ($18.75) per m² + inflation index + exchange rate USD/UAH index

Construction cost

UAH 148 mil (USD 18.5 mil)

Start of construction

4Q 2006

Expected end of construction

One year after resumption of financing

Annual income for the period of 2016

UAH 30.4 mil (USD 3.8 mil)

NOI in 2016 UAH 20.8 mil (USD 2.6 mil)
Expected investor IRR including TEC sale 34% (in USD)

Expected sale price 2016

UAH 208 mil (USD 26 mil)

TEC "Stanislav" is considered primarily as an investment project. Though its financial model assumes project sale at any moment of the life cycle, nevertheless it is most profitable to sell TEC in three years after its entering into operation. An additional factor of increasing TEC "Stanislav" value and, as a result, investors yield over a specified IRR of 34% is the expected growth of property value and rental rates in regions (associated primarily with the new cycle of economic recovery expected during the next 10 years).

The concept of TEC has been developed by Ukrainian Trade Guild (project manager V. Boyko); project stage P - by company UMI (headed by a Laureate of State Prize of Ukraine O. Mykulyak); project stage Working documentation by the Institute DIPRomisto, Ivano-Frankivsk (director V. Turko, chief project engineer I. Figel); external and interior design by Honored architect of Ukraine V. Dyadyushenko. General contractor of the project is Comfortbud-2, Ivano-Frankivsk (director A. Lastovetsky), co-general contractor (construction engineering) Comfort Service, Kyiv (director I. Ubogiy).

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