OREANDA-NEWS  On 07 October was announced, that ESTA Holding, RE subsidiary of SCM Group (belongs to Ukrainian billionarie Rinat Akhmetov) decided to become an investor and developer for the project that will create a multi-functional building in Frolovskaya str, Podolskiy district, Kiev.

The modern facility with the total area of over 70,000 sq.m. will be constructed on the site, where former Yunost clothes factory was built in mid-1980s.

"The principal strategy of Esta Group covers creation of commercially successful projects with unique architecture, importance and location. We believe the project entirely meets all these criteria. I am certain that it will be realized with success and serve as a new benchmark for our country and the national construction sector", said Nikolay Nesterenko, CEO of ESTA Holding.

The project was designed by renowned French architect Anthony Bechu. A group of Ukrainian architects led by Sergey Tselovalnik will adapt the project to match the architecture landscape of Podol district. Along with the project, Esta Group expects to develop and realize a plan to reconstruct the adjacent areas.

“We are committed to creating not simply commercially successful, but truly exceptional facility by its public importance. The project will be implemented in the historical part of Kiev and we fully understand the responsibility we undertake. For this reason, our primary objective is to integrate the complex naturally into the existing architecture landscape and make it an integral part of the cultural environment”, added Mr Nesterenko.

Expected investment in the project will make over USD 200m.

The final design will be completed within the next months with construction planned to start in the first half of 2009.