OREANDA-NEWS. October 14, 2010. A new retail property has officially opened in the Ukrainian city of Odessa, with DIY supermarket Nova Linia, a leading retailer of building materials in Ukraine, as the anchor tenant. The property is Henryland Group's third completed project.

The hypermarket with a total area close to 19,000 m2 is located on Kotovskogo Avenue, Starokievskaya (Novonikolayevskaya) Highway, 21st kilometer. The property houses a full-range Do-It-Yourself supermarket providing everything one may need for home or office construction and renovation works. Its spacious car park has enough room for 400 vehicles.

The Odessa property is a project of Henryland Group, with its main shareholder and investor funds of East Capital, the leading Swedish investment and asset management company targeting Eastern Europe. Other shareholders are Dragon-Ukrainian Properties & Development plc (DUPD), a Ukrainian real estate fund, and Dragon Capital, the largest investment bank in Ukraine. The project was implemented by Dragon Development, a leading Ukrainian property developer specializing in commercial properties.

"This is the third big box retail property developed under Dragon Development's management on behalf of Henryland Group. We have been involved in the construction of two already completed retail properties in Lutsk and Kremenchuk. DIY supermarket Nova Linia is the anchor tenant for all those malls. Three more retail properties are planned to be developed on behalf of Henryland with an estimated total area of 50,000 square meters in Bila Tserkva, Mykolayiv and Vinnytsia. Total construction costs for them are estimated at USD 25-30 million." said Oleg Kurinnoy, Director at Dragon Development.

"The total investment of Henryland Group in the Odessa property is more than USD 13 million. Moreover, UAH 800,000 has been invested in infrastructure development of the Kominternovo district in Odessa region improving the every day life of people in the area,” added Biljana Bozic, Chairperson of Henryland Group and Head of Real Estate at East Capital. “In total, East Capital funds have invested about USD 33 million in commercial properties in Ukraine. We have USD 300 million in assets under management in real estate in the Baltic countries and Ukraine.”