The ACTEEUM Group and Meinl European Land Ltd. have entered into a co-operation agreement for the development of retail real estate in the Ukraine and Turkey, as well as in Romania and Bulgaria. Within the framework of this co-operation The ACTEEUM Group will develop shopping centers and retail parks for Meinl European Land, who will act as investor, finance the development process and take over the properties after completion.
The initially committed equity investment target is €400 million. Taking into account project finance available in these markets the total investment amount under this co-operation may reach a value of up to €1 billion, depending on the development of the economies and retail markets in these countries.
The ACTEEUM Group is a newly established privately owned, independent development group, in which Henrik Stig Moeller (1952, former Senior Vice President International Business Development in TK Development) and Arne Bongenaar (1961, former Director Investment in Multi Development and prior thereto Vice-President Commercial in Ahold Real Estate for Central Europe) are managing directors. The business idea of The ACTEEUM Group is to deliver real estate projects in Central and Eastern Europe, including Turkey to professional investors.
Meinl European Land is a real estate investment and development company registered in Jersey /Channel Islands, exclusively focused on investments in retail properties in the CEE markets including Russia and Turkey. Meinl European Lands property portfolio currently consist retail properties and committed development projects with a total value of €2.6 billion in 8 CEE countries: Czech Republic, Hungary, Poland, Slovakia, Romania, Russia, Latvia and Turkey.
Source: ACTEEUM Group / Meinl European Land