News

ESTA Group to Establish Managing Company ESTA Property Management

Fri, 01 Aug 2008 10:41:06 +0300

Following its business development strategy, ESTA Group has set up ESTA Property Management company to manage and operate real estate assets.

"Developing the business areas that do not require much capital is one of the key objectives for ESTA Group in the short term", said Nikolay Nesterenko, CEO of ESTA Holding, managing company of ESTA Group. "ESTA Property Management will allow to optimize the management of the Group's current assets."

ESTA Property Management will receive all assets of ESTA Group in the area of commercial real estate, including Leonardo business centre and office buildings in Donetsk and Kiev. The Company will enter soon the open market to manage the assets, which are not owned by ESTA Group.

"Comfort and safety of our partners-tenants is the first priority for us. We have studied closely the experience of international businesses, including: Hines, СB Richard Ellis, ROSS Group, to introduce the best practices in the area and set a new management standard for the Ukrainian market", stated Mr Nesterenko.

Galina Yakovleva has been appointed CEO of ESTA Property Management.

ESTA Holding Develops Organizational Structure

Wed, 01 Oct 2008 15:42:40 +0300

ESTA Group has completed another stage in development of the organizational structure of its managing company, ESTA Holding. In particular, the Company established investment and legal departments.

The investment department is responsible for evaluation, acquisition, development and further management of the Group's projects. The department comprises units for research and analysis, investment management and assets management.

Yelena Arkhipova, who previously worked as an investment manager, has been appointed Chief of Department and Investment Director of the Holding.

The Company has also established a legal department in charge of legal support of the Company's activities and Group's projects. Pavel Simonenko, who previously took the position of the senior lawyer, has been appointed Chief Legal Officer.

"An effective governance structure and a professional team are at the heart of a successful business", commented Nikolay Nesterenko, CEO of ESTA Holding. "Over a short term we have built a strong team able to tackle the toughest issues".

Maksim Gromadtsov Speaks at Ukrainian Real Estate Conference

Mon, 01 Dec 2008 18:44:04 +0200

Maksim Gromadtsov, Chief of Analysis and Research, has spoken at Ukrainian Real Estate conference organized annually by Adam Smith Conference.

He took ESTA Holding as an example to highlight the challenges and outlooks of business development during the global financial crisis.

"Today the Ukrainian businesses look for the ways out of the current situation and think what lessons to learn, how to adapt and avoid the same mistakes", says Mr Gromadtsov. "The goal of my speech at the conference is to show, by the example of our company, what solutions and approaches the business can apply during a recession".

ESTA Holding Opens New A-Class Business Centre In Kiev

Tue, 09 Dec 2008 11:45:26 +0200

ESTA Holding and Yaroslavov Val present Leonardo, a new A-class business centre in the Kiev downtown.

The new structure with the total area of over45,000 square metres lies at the crossroads of Vladimirskaya and Bogdana Khmelnitskogo streets, opposite the National Opera of Ukraine. The complex comprises two blocks of 7 and 17 storeys and offers a 7-storey on-ground parking. In addition to the office section, the facility also has a shopping area.

The project is implemented and managed by ESTA Holding on a parity basis with Yaroslavov Val company.

”Following its strategy ESTA Holding is committed to building real estate facilities, which are unmatched in terms of location, importance for the city and quality. Yaroslavov Val and we developed this very type of project", says Yelena Arkhipova, Investment Director of ESTA Holding. "We feel confident about its success and hope it will be a kind of a hallmark of the Ukrainian business".

The building is managed and operated by ESTA Property Management, which is part of ESTA Group.

ESTA Holding Cooperates With ATB

Fri, 21 Aug 2009 15:47:21 +0300

ESTA Holding and Ukraine's biggest retailer ATB have signed an agreement to lease over 14,000 square metres of B-class office and warehouse premises in the logistics complex in Dnepropetrovsk, which is part of ESTA Group. The agreement will remain valid during three years and can be extended to five years upon consent of the parties.

"Establishment of long-term mutually beneficial relations with key partners is one of the top objectives for ESTA Holding", declared Yelena Arkhipova, Investment Director of ESTA Holding. "ATB is the biggest retailer, and we believe our cooperation will be exactly like that".

Since 2009 ESTA Holding has concluded agreements to lease the total of over 4,000 square metres of offices in Donetsk, over 2,000 square metres - in Kiev, in Leonardo Business Centre, as well as 18,000 square metres of office and warehouse premises in Dnepropetrovsk.

Pushkinskiy Complex to Meet European Standards

Fri, 11 Dec 2009 08:49:47 +0200

Ukraine-based Synthesis Engineering, a subsidiary of the largest Italian Group, Montagna Costruzioni, has been chosen the general contractor for construction of Pushkinskiy complex in Donetsk.

The agreement between Pushkinskiy and Synthesis Engineering Ltd was concluded on 11 November in Donetsk.

"ESTA Group has always been very particular about choosing partners for any project", noted Igor Lavshuk, Project Manager of Pushkinskiy project. "Solid expertise of Synthesis Engineering will allow to create an indeed unmatched facility in Ukraine meeting the highest global standards".

The plan is to deliver a multi-functional 24-storey complex of over 52,000 square metres in the first six months of 2012.

"Building such a facility is special for any company. We are happy that Synthesis Engineering has been selected to build one of the best buildings in the Eastern Europe", stated Mr. Kuchera, CEO of Synthesis Engineering. "This project will be a landmark of Donetsk along with the magnificent Donbass Arena stadium and Donbass Palace hotel".

The total contract amount is over EUR 52m

Nikolay Nesterenko in Top-10 Most Effective Senior Managers in Real Estate

Mon, 29 Mar 2010 12:51:10 +0300

Nikolay Nesterenko, Chief Executive Officer of ESTA Holding, has been listed in Top-10 Most Effective Senior Managers in Real Estate, according to the rating developed by Ukraine's major specialized real estate magazine, Building Business.

The rating comes from a survey of 33 real estate market players: general contractors, brokers and legal companies. Effectiveness criteria included: continued design and construction works by the company managed by or with participation of the senior manager; successful investment raising deals in 2009 and purchases/sales of property concluded with participation of the senior manager.

"It's not an appraisal of me but of the entire ESTA team, where I am lucky to work", says Nikolay Nesterenko. In the tough 2009, we managed to keep revenues on the pre-crisis level and continue key projects of ESTA Group: Pushkinskiy mixed-use complex and a mixed-use complex in Frolovskaya street in Kiev."

Along with Nikolay Nesterenko the rating also includes senior managers of the following companies: T.M.M., FIM, KDD Group N.V., Vita Veritas, Seven Hills, Granit, Domus, DEOL Partners, Panorama Group.

ESTA Group Reconstructs Kiev Hotel in Donetsk

Mon, 07 Jun 2010 09:49:54 +0300

As part of Ukraine’s preparations to host Euro 2012 ESTA Group is reconstructing Kiev Hotel in Donetsk. The company Proekt-2012 under umbrella of ESTA Group has completed acquisition of the integral property complex of Kiev Hotel located in Voroshilovsky district of Donetsk. The transaction totaled to UAH 24.6m.

Along with it ESTA Group assumed obligations to bring Kiev Hotel to the global standards.

"Accommodating guests of Euro 2012 on the highest level is a priority objective set to the hotels of ESTA Holding," stated Nikolay Nesterenko, General Director of ESTA Holding, the managing company of the Group.

"Today we take the responsibility to reconstruct Kiev Hotel in Donetsk. We are confident that existing practices will help us create a top-class hotel to the global standards."

The reconstruction concept is currently being finalized and will be approved in near future.

Now ESTA Group owns two hotels: Opera Hotel (Kiev) and Donbass Palace (Donetsk), the only Ukrainian members of prestigious international organization The Leading Hotels of the World. As part of preparations to the championship Opera Hotel and Donbass Palace were the first among Ukrainian premium-class hotels to sign agreements with TUI Travel, the official tour operator of Euro 2012.

Kiev Hotel was opened in 1973. The four-storey building of 5,665 sq m has 45 rooms not certified according to the State Standards of Ukraine (DSTU).

ESTA Holding Creates Hospitality Business Development Division

Fri, 11 Feb 2011 18:05:27 +0200

Dejan Djordjevic has been appointed the Managing Director of the Hospitality Business of ESTA Holding.

His main objective will be to define the further strategy, develop the hotel project portfolio of the ESTA Group, improve the efficiency of the Group's hospitality business and raise the quality of services.

"Hospitality business has always been a focus for ESTA Group. However, while before each facility had a manager who defined its strategy, now it is the managing company, which is responsible for strategic management," stated Nikolay Nesterenko, CEO of ESTA Holding, the managing company of the ESTA Group. "Dejan Djordjevic has been appointed to manage this direction. We believe that the unique experience of Mr. Djordjevic will help us to set even higher hospitality standards for our hotels and the Ukrainian market as a whole."

Jejan's responsibilities will include the development of the ESTA Group's hotel project portfolio consisting of two functioning five-star hotels (Opera in Kiev and Donbass Palace in Donetsk) and one hotel under reconstruction (Kiev hotel in Donetsk).

Dejan Djordjevic noted in his comments: "I am happy to continue my hospitality business career here in Ukraine as the national hotel market has a huge potential. Each of three ESTA hotels is unique in its way and Donbass Palace and Opera are members of the Leading Hotels of the World association, which ensures the highest hospitality standards. I am thankful for this possibility and sure that together with the hotel teams and ESTA holding we will be able to ensure sustainable growth of this business." Dejan Djordjevic has 19 years of experience in one of the best international hotel chains Hyatt (Moscow, Almaty and Belgrade).

The last three years Dejan was the Managing Director of Alatau Hospitality, a company investing in different projects all over the world. In particular, on this post he managed the Four Seasons Bora Bora project and chaired several de luxe hotel projects in Almaty and the Seychelles.

ESTA Group Buys Kiev Central Mall

Fri, 17 Dec 2010 17:08:49 +0200

Stolichniy TSUM, a company operating under ESTA Group, obtained permission from the Antimonopoly Committee of Ukraine to concentrate the integral property of Central Department Store in Kiev (Kiev TSUM).

The process to buy the building in Bogdana Khmelnitskogo street and its land is expected to be over within three months.

"After long negotiations we decided to buy the integral property of TSUM and develop it as an individual project", said Nikolay Nesterenko, Chief Executive Officer of ESTA Holding, which is the managing company of ESTA Group. "We believe that this asset will be an excellent addition to the Group's portfolio".

The company is developing the concept for further development of TSUM to be presented later.

"Since its inception Kiev TSUM has been one of the major shopping centres in the capital. Unfortunately, it does not match the imperatives of the modern times in terms of technical state of the building and the product mix. We believe that we can turn TSUM into the best trading platform of Ukraine ", Mr. Nesterenko said at the end.

ESTA Group Completes Acquisition of Kiev TSUM

Wed, 02 Mar 2011 11:42:39 +0200

The ESTA Group has consolidated the assets of Kiev TSUM and М-Service and established Stolichniy TSUM, a company formed to manage and develop the project.

Today the concept of TSUM reconstruction is under development.

"We started working on a concept even before closing the deal and we've engaged specialists with strong expertise in managing such projects. We are confident that we will make the right decision and TSUM will reclaim the status of the best retail destination of Kiev and Ukraine," noted Maksim Gromadtsov, Investment Director of ESTA Holding, the ESTA Group's managing company.

TSUM's new concept will be presented within the next few months.

New management team in ESTA Holding

Thu, 24 Mar 2011 17:27:13 +0200

Maksim Gromadtsov, who has recently occupied the position of Investment Manager and Chief of Analysis and Research Department, has been appointed Investment Director of ESTA Holding, the ESTA Group's managing company.

Maksim’s area of responsibility will include Group’s portfolio strategic management. In particular, he will deal with existing projects and assets development, new projects acquisition and development and also property management and consulting as new business areas.

Maksim has substituted Elena Arkhipova on this position, who has made a decision of taking a training course in Insead International Business School.

Yulia Basistaya, who has recently occupied the position of Financial Controller – Assistant CFO, has been appointed ESTA Holding CFO. Yulia’s main priority will be management of Holding’s Financial Department.

Besides this, Anton Glivinskiy, who has recently occupied the position of PR Manager, has been appointed PR and Communications Director. His area of responsibility will include strategic management of ESTA Group and ESTA Holding image.

Additional information:

Maksim Gromadtsov graduated from Belarusian State University (Minsk) as Lawyer-Politologist. In 2006 Maksim got master degree in Central European University (Budapest, Hungary).

Maksim has been working for ESTA Holding since 2008. Before appointment Investment Director he had occupied the position of Investment Manager and Chief of Analysis and Research Department.

Anton Glivinskiy graduated from Donetsk National University, speciality Politology. In October 2010 he got a degree of Candidate of Political Sciences in Dnepropetrovsk National University.

Anton has been working for SCM Group since 2006. Before appointment PR and Communications Director he had occupied the position of Manager of ESTA Holding Corporate Communications Department and was also engaged as SCM Project Specialist.

Yulia Basistaya graduated from Dnepropetrovsk University of Economics and Law, specialty Finance and Credit.

Before coming to SCM Group she was employed in SJSC Dnepropetrovsk Oil Extraction Plant (TM Oleyna) as Financial Reporting Manager. Miss Basistaya has worked for SCM since 2005. Since she’d started working for SCM and up to September 2006 she occupied the position of Financial Reporting Department Specialist, later – Department of Financial Control Manager.

Yulia has been working for ESTA Holding since 2008. Before appointment ESTA Holding CFO she had occupied the position of Financial Controller.

Donbass Palace recognized as the best ukrainian hotel

Mon, 04 Apr 2011 08:52:36 +0300

The International Tourism Exhibition UITT'2011 opened in Kiev on 23 March and awarded participants of 100 Best Hotels of Ukraine ranking, where Donbass Palace took the top place

Donetsk, 29 March 2011– Donbass Palace Hotel won the Ukrainian ranking 100 Best Hotels of Ukraine organized by the Council for Tourism and Resorts and the Association of Hotel Unions and Hotels of Ukrainian Cities. The nominees were selected by a special Expert Panel consisting of chief executives of major professional associations, leading Ukrainian tour operators, hotel categorization experts, state authorities and media. The experts applied a traditional approach for the hospitality industry appraising the hotel’s overall level, room capacity, restaurant quality, spa and fitness facilities, as well as the staff. Donbass Palace received the highest score and thus took the first place in the ranking.

Dejan Djordjevic, Managing Director of ESTA Holding Hospitality Business and Donbass Palace CEO, commented on the award: “We’re certainly happy to receive the national recognition. But this doesn’t mean we’re going to stop and be satisfied with what we’ve achieved. Hospitality industry goes forward so quickly that we have to keep up developing our services all the time and continuously raising the standard of our services”.

In 11 December 2005, Donbass Palace joined The Leading Hotels of the World, which is the most competent organization in the hotel business with 425 world-known business-class hotels in over 80 countries.

In 2005, 2006 and 2007, Donbass Palacereceived the World Travel Awards, the most recognized award in world tourism industry, as the best hotel of Ukraine. In 2006 and 2007, the World Travel Awards Association called Donbass Palacethe best business-class hotel of Ukraine.

ESTA Group Takes Loan to Develop Portfolio

Mon, 16 May 2011 21:40:53 +0300

Proekt-2012, a company of the ESTA Group, signed an agreement with Ukrsotsbank PJSC to borrow UAH 72 m in order to reconstruct Kiev Hotel in Donetsk.

It has been the first external loan of the ESTA Group for five years of its operations.

“Despite a difficult situation in the Ukrainian real estate market, large banks are getting more interested in funding ESTA Group’s projects,” says Yulia Basistaya, Chief Financial Officer of ESTA Holding which is the managing company for the ESTA Group. “This proves that the strategy of pinpoint investment in unique and meaningful projects in terms of infrastructure was the right choice of ours.”

The loan is scheduled for final agreement and execution in May.

ESTA Group Consolidated Financials Audited

Thu, 23 Jun 2011 09:33:33 +0300

ESTA Holding completed the preparation and international audit of its consolidated financial statements for 2010.

PricewaterhouseCoopers, one of the world’s largest auditors and consultancies, has audited ESTA Group’s head office – ESPV Limited – for the third consecutive year.

In 2010, ESTA Group’s total assets amounted to USD 370.3m (in 2009, USD 224.6m) and property portfolio as of 31 December 2010 made up USD 337.2m, which is USD 128.9m more than in 2009. This growth was driven by acquisition of new assets, capital investments in construction and the increased value of the operating properties.

The Group earned net profit of USD 15m (in 2009, net loss was USD 37.5m) from the revaluation of the investment properties and higher revenues from the hotel services and rent.

ESTA Group’s consolidated statements cover the financial performance by all the businesses operating under the umbrella of the Group.

“ESTA Group strives to meet the international standards and global best practices in every area of its business. Preparation of the annual financial statement is one of the major criteria of business transparency and openness to investors and public,” says Yulia Basistaya, Chief Financial Officer of ESTA Holding, managing company for the ESTA Group. “We are sure that the efficient system of the Group’s portfolio management was the key factor underlying the increase in business value and profits despite the challenging market situation”.

These are the third consolidated statements prepared in compliance with the International Financial Reporting Standards (IFRS) and audited by an international consultancy.

ESTA Holding brings Park Inn by Radisson hotel to Ukraine

Thu, 13 Oct 2011 13:49:08 +0300

Esta Holding, Ukraine’s largest investor in the real estate sector, has signed a full management agreement with the Rezidor Hotel Group bringing an international mid-scale brand Park Inn Hotel by Radisson to Ukraine. The property is being developed on the basis of the existing ‘Kiev’ hotel perfectly located in Pushkin Boulevard in the center of Donetsk.

“Park Inn Donetsk will be the first internationally managed mid-class hotel in Ukraine bringing the expertise and high standards of affordable accommodation to the Ukraine’s hospitality market,” said Dejan Djordjevic, Managing Director of the Hospitality Business, Esta Holding. “The Park Inn Donetsk will perfectly complement our existing upper scale hotels in Donetsk and Kiev – Donbass Palace and Opera Hotel and will be an important input to the cities preparation for Euro-2012 Championship”.

Park Inn Donetsk featuring 172 rooms is scheduled to open in Q1 2012. Besides modern and comfortable guest rooms, the hotel will offer an all-day-dining restaurant, a lobby bar, a gym and four meeting rooms.

“The Ukraine is a key market in Eastern Europe for us. We are already successfully operating our upper upscale brand Radisson Blu in the country, and are delighted to follow with our young and dynamic mid market brand Park Inn for which we see a considerable growth potential”, said Kurt Ritter, President & CEO of Rezidor.

Leonardo business centre

Fri, 16 Dec 2011 11:31:00 +0200

ESTA Holding, investment and development company, acquired 50% in the second phase of Leonardo business centre, located at 19-21 Bogdan Khmelnitsky Str. in Kyiv.

Leonardo business centre is the most marketable facility. ‘The proof of it is 100% fillability. Leonardo business centre acquisition is the next stage of a long-term ESTA Group strategy realization- investment in high-class commercial real estate property, being unusual for Ukrainian market’, Maksim Gromadtsov, ESTA Holding Director of Investments, comments on the transaction.

The vendor is Yaroslaviv Val LLC, which possessed the business centre on principles of parity.

Aleksandr Spasibko, Director of Yaroslaviv Val LLC states: ‘This transaction has become the next stage of a long-term partnership of our companies. We understand main aims of each other, thereby it was easy to negotiate on mutual agreed conditions’.

ESTA Holding Property Management will continue Business centre management.

Reconstruction of Kiev TsUM to Start in February 2012

Tue, 27 Dec 2011 15:26:28 +0200

ESTA Group launched the final stage of concept development for the reconstruction of Kiev TsUM. The reconstruction will enlarge the sales premises of TsUM by means of more rational use of the inner court area. The façade of the 1939 TsUM building will remain unchanged. “TsUM is a significant landmark both for Kiev and Ukraine, so it was really important for us to keep that legacy and to restore the mall’s former fame and prestige”, says Maksim Gromadtsov, Director of Investments of ESTA Holding (the managing company of ESTA Group), “We have enlisted world-class consultants to develop the new TsUM concept”. Design of the interior reconstruction was entrusted to Benoy, a renowned British architectural company closely cooperating with Kiev’s leading architects. "We are positive that our international experience, cutting-edge technologies and comprehensive knowledge of local environment will help us to develop the project that will make all the people of Kiev proud”, says Mr. Gromadtsov. TsUM will remain a shopping mall and will retain its historical name. The international branding agency Landor is currently developing the new corporate identity of TsUM. Landor’s leading specialists have studied the local traditions, culture and habits for several months to come up with a solution that the people of Kiev will like. They have also performed several sociological and marketing studies to reveal the public opinion.The reconstruction of TsUM is scheduled to start in February 2012, when the lease agreements expire. The new TsUM concept will be presented to public in late January following its final approval.