The European Bank for Reconstruction and Development has approved a $30 million loan to finance development and reconstruction of Leipzig hotel, an architectural landmark located in the very heart of Kyiv on the corner of Volodymyrska and Prorizna streets.
Anton Usov, spokesperson for the EBRD in Ukraine, said the bank’s board approved the loan on July 12.
A formal loan agreement should be signed this autumn, he added. Reconstruction of the building commenced about a year ago.
It is being developed by ISTIL Group, a diversified Kyiv-based investment group that is owned by Pakistani-born British national Mohammad Zahoor.
Zahoor also owns the Kyiv Post.
Management at ISTIL said about $70 million is being invested into the 16,800 square meter and 178-room hotel which was originally built in 1900. ISTIL’s real estate arm purchased the building in 2009.
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