City Capital Group is set to acquire a business center and shopping mall in downtown Kyiv for $100M.

This Ukrainian investment and development firm, specializing in commercial real estate, is purchasing two prime properties in central Kyiv: the Leonardo business center’s first phase and the Ukraina department store.

Currently, City Capital Group owns six commercial real estate properties in Kyiv, including business centers, a market mall, and cultural and retail spaces. The seller of these assets is the Irish banking corporation IBRC. The transaction value is estimated between $70M and $100M, with additional investment planned for facility modernization.

The Leonardo business center comprises two phases with a total area of 60,000 square meters, with the first phase – acquired by CCG – covering 23,155 square meters and operational since 2005. The estimated cost per square meter in this phase is around $2,000.

The Ukraina shopping center, in operation for over 50 years, underwent reconstruction in 2004 and spans 45,330 square meters. Last year, the shopping center’s revenue rose nearly 13% to ₴113M ($2.76M), with a further 25% increase in the first quarter of this year to ₴33M ($0.8M).