Benetton invests towards property developments in Kiev

According to Unecport reports, AB Investment and Development is to be part of the overhaul of the Central Gastronome Store at 40/1 Kreshatik Street, Kiev and the administrators of a ten storey office and shopping complex.

On August 7, 2008, the City Planning Council considered the preliminary plan submitted by the TAM Nikolai Demin architectural bureau. This proposed complex will have a total area of 15,000 square metres, out of which 7000 square metres will be for official and commercial purposes and 2000 square metres will be utilised for various eateries. The first storey will be kept for technical functions and the remaining nine storeys will cater for the commercial and official purposes. The construction will also consist of an 160 place open parking area and will be completed between the years 2008 and 2011.

In 2007, AB Investment & Development was allotted a 0.15 ha area on lease, at the crossroads of two streets, Kreshatik and Bogdan Hmelnitzkiy, by the Kiev City Council on sustained redemption. The council also approved the building infrastructure.

In 2006, with the consent of Ukraine’s Anti-Monopole Committee, a Luxemburg registered company, Benetton Real Estate International S.A. made a property investment abroad, by taking a fifty percent stake in the Real Estate Ukraine LLC. The Ukrainian company has a large hold over the property market in Kiev, as it owns many properties in the city, such as; AB Investment & Development, Central Gastronome Store, an Argo retail chain, a Solo Company, AB Trade at Donetzk, and the Ukrainian-Belgian - Israeli JV Argo Trading.

That same year, Benetton Real Estate International also bought all the capital share of Kazan Real Estate Z.A.O. along with Real Estate Russia Z.A.O. to form a full real estate business in St. Petersburg.  Benetton has taken over Property ZAO Russia in Samara and has built a Benetton Real Estate CSH S.r.l. Moldova to have the means available to invest in the property market in the Ukraine and some other regions.