DTZ Ukraine advises on the sale of Opera Passage Retail Gallery in Lviv
DTZ Ukraine has successfully advised Finnish investors on the sale of Opera Passage retail gallery in Lviv (GBA 4,412.5 sqm, GLA 2,800 sqm.).
Volodymyr Mysak, Head of Capital Markets at DTZ Ukraine, said: "The sale of Opera Passage demonstrates investors’ rising interest to Ukrainian commercial property. During the transaction DTZ Ukraine represented the Seller (Finnish investors), acting as an investment advisor and broker. The Client was looking for ways to divest and the main challenge our team faced was to demonstrate to purchasers the opportunity for the centre driven by potential of further improvement in the Lviv property and retail market not only as the situation in Ukraine improves but, as Lviv continues to outperform other regional cities in terms of commercial and social development. We consider this transaction to be a positive sign, which represents the improvement in business confidence and investment intentions.”
Opera Passage is a modern shopping gallery located in the very heart of Lviv within the main tourist destination. Fully refurbished 19th century building was converted into multifunctional complex with retail, office and apartment elements, located just opposite Lviv Opera House. The single complex Opera Passage has been formed from the assembly of 2 historical buildings. The complex is formed from 27 Svobody Avenue connected with 6 Kurbasa Street creating a covered street passage on the ground floor. The façade of the complex faces Svobody Avenue, the main retail and tourist’s street of the city. Originally as a building under UNESCO protection due to its historic value, in a modern day Lviv it has become the central spot of city’s social life.