16:12 08.04.2021

Concorde Capital, Smart Holding agree to manage trade centers of Amstor chain acquired by Concorde

2 min read
Concorde Capital, Smart Holding agree to manage trade centers of Amstor chain acquired by Concorde

The shopping centers of the Amstor chain, purchased at the end of last year by Ihor Mazepa's investment group Concorde Capital at the auction of Ukreximbank, will continue to be managed by the commercial real estate operator East Solution Group (ESG), a member of Vadim Novinsky's Smart Holding group, while Concorde and Smart came to such an agreement on the management and development of these shopping centers on terms of partnership.

"This strategic partnership provides for the transfer to ESG management of seven shopping centers in Zaporizhia, Poltava, Donetsk regions. This will provide additional competitive advantages for the entire network and achieve the best conditions for cooperation with counterparties," Concorde Capital told Interfax-Ukraine.

The information specifies that ESG, prior to this agreement, had already managed a chain of shopping centers in the eastern regions of Ukraine, and the base of ESG leaseholders developed by it includes hundreds of contractors, including Zoloty Vik, Lotos, EVA, Foxtrot, Brocard, Silpo and Comfy.

For Concorde Capital, this agreement will reduce the risks of operational management, and ESG, in turn, will be able to offer more retail space and on more favorable terms to its clients, complementing the partnership with its operational expertise and established commercial ties, the investment group said.

At the same time, the Antimonopoly Committee of Ukraine announced that on April 8 it will consider granting Smart Investments (CY) Ltd the right to indirectly purchase a stake in the charter capital of Madera Development LLC (Kyiv), which will provide the buyer with over 50% of the voting shares on the company's board.

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