3 Burnaby Street T.J. Pearman Building Hamilton HM12 Bermuda
Listed Since: 2013/08/28
Delisted on: 2018/04/26
CUSIP: G25906101
ISIN: BMG259061015
Tel: +44 2920 263636 /+447902875742
Fax: +44 2920 263700

Investment Objective:




The Company aims to provide investors with an opportunity to invest into the Ukrainian property market and, accordingly, the Company's investment objective will be to invest in commercial and hotel property in the Ukraine.


Investment Strategy:

Development SPV/Project SPV. The Company will invest in commercial and hotel property in the Ukraine through the Development SPV. For each project in the Ukraine, the Development SPV will establish a Project SPV and, where appropriate, the Development SPV will finance the acquisition of properties in Ukraine via the Project SPVs. Each Project SPV will be wholly owned by the Development SPV.


It is the view of the Directors that initial indications are that the Company will be able to purchase through each Project SPV Ukrainian commercial properties at substantial discounts ranging from 10% to 40% in relation to the RICS Red Book Valuation. It is expected that such discounts may be achieved as a result of purchasing a number of properties in any one development. However, such significant discounts may not be available at the time the Company launches and in the future, and each Project SPV on behalf of the Company will purchase properties with or without a discount if the Directors consider these selected properties to be a beneficial investment to the Company. The Investment Manager is actively seeking properties which will fulfil these criteria. Prior to any purchase all valuations of selected properties will be assessed by a qualified R.I.C.S. professional.


Commercial properties that the Company may consider investing in include mixed commercial developments aimed at attracting professional tenants and hotels.


The Directors intend that the Company, through such of its wholly owned subsidiaries (if any), may seek to obtain loans from banks and commercial lenders. Any borrowing will not exceed 50% of NAV. The Development SPV, as the parent company of each Project SPV, may be required to provide guarantees for any loans obtained by the Project SPVs, and as such, all properties acquired by the Project SPVs may be at risk should any one Project SPV default on a loan and the particular lender calls on the guarantee provided by the Development SPV to make good such default.


The Directors also intend that ancillary assets will be maintained by the Company to service non-property related fees, charges and expenses. The Company will invest all ancillary assets in cash or near cash. It is anticipated that no more than 5% of the assets of the Company will be represented by ancillary assets in order to fund costs and expenses. Ancillary assets of the Company will be used to pay fees charges and costs of the Company in relation to the listing and any material costs relating to the acquisition of the properties (as fully detailed at Part IX of this Prospectus”), as the case may be.




NAV History (GBP)




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