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Ukrainian Real Estate: TMM
Concorde Capital, Aug 2007, Pages: 86
TMM, one of Ukraine’s largest real estate developers, expanded its project portfolio 2.3 times following the placement of a 13.12% stake with portfolio investors in May 2007.
Market booming, Low saturation
Ukraine’s real estate market has seen a boom in all major segments in the past several years. Specifically, the residential segment in the capital of Kyiv, TMM’s key mainstay, produced returns of 40-70% in 2003-2006. We believe the investment appeal of the Ukrainian real estate sector will remain high at least in the next three-five years given the wide deficit of quality residential and commercial premises.
Leading player with a solid track record
After more than 13 years on the Ukrainian market, TMM is among Kyiv’s top five players in the business/premium class residential segment, with a strong presence in Ukraine’s second largest city, Kharkiv and projects in the cities of Yalta and Zhytomyr and in Kherson region. Due to its in-house construction capacities, the company is in control of project costs and timing.
Delivering as promised
TMM’s project management expertise received another confirmation recently. Just as planned, in July 2007 the company announced the completion of two residential projects in Kharkiv - Atoll and Druzhba - with a total area deliverable this year of 34.2 ths m2. TMM is well on track to deliver two more residential premises in Kharkiv and one more in Kyiv by year end, which will add 27.8 ths m2 to its record.
Portfolio more than doubles following placement
In May 2007, TMM raised USD 105 mln by placing a 13.12% stake of equity with portfolio investors and is now directing the proceeds into the development of new projects. By July, TMM added to its portfolio commercial and residential projects an increase in deliverable space by some 130%.
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