Karavan decides to develop Topmart discount store chain in Kyiv

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July 28, 2011, 12:11 p.m. | Ukraine — by Interfax-Ukraine
Adventis Ltd., the managing company of the Karavan food hypermarket chain (both based in Kyiv), has decided to develop the Topmart discount store chain in residential districts in Kyiv and large Ukrainian cities, reads a press release of Kyiv-based Ukrbudcontract Ltd., the general constructor of a first store of the chain. The press release says that Ukrbudcontract built and commissioned a first Topmart discount store of 1,200 square meters at 6A, 8B, 8, Akademika Viliamsa Street in Holosiyivsky District in Kyiv.

The size of a land plot, where the store is located is 0.3 hectares.

"This would be a first discount store of the chain, which the customer is planning to build pointwise, in residential districts in Kyiv and large Ukrainian cities," the press service said, citing Ukrbudcontract director Yuriy Iosilevych.

Adventis commercial director Viktor Pyvovar the first discount store will be opened on July 30, 2011.

He did not disclose other details of the chain development.

Pyvovar told Kommersant-Ukraine newspaper that by late 2011 another three or four stores will appear in Kyiv.

This is a pilot project, and after receiving results of operation of stores, the company will decide on the format and further development of the chain.

In spring 2009 Kyiv-based Karavan Ltd., part of Karavan Group and the manager of the Karavan hypermarket chain, which failed to pay interest for the third coupon period on its C Series three-year bonds worth Hr 130 million, had withdrawn assets from its balance, which later were moved to another company, and the company refuses to fulfill its commitments on the bonds, holders of the issuer's bonds said.

The Karavan Group, founded in 2001, unites companies that develop commercial real estate and retail projects.

Karavan Real Estate Limited is the holding company of the Karavan group of companies, which is developing its own chain of shopping and entertainment centers under the Karavan brand. It is one of the largest operators on the commercial real estate market in Ukraine.

Adventis Ltd. was established in 2007. Its core business is retail trade.

Ukrbudcontract was created in 2000. Its core business is design and construction of commercial real estate projects.
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