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. Last Updated: 07/27/2016

Mirax to Build Kiev's Highest Office

Mirax Group, which is putting up Europe's tallest building in Moscow, will borrow $100 million for the construction of a business center in Kiev, Vedomosti reported Monday.

St. Petersburg-based Mirax plans to sell $100 million in four-year credit-linked notes to European and Asian investors this month, the newspaper said, citing an unidentified person familiar with the sale. The notes may have a yield of between 9.25 percent and 9.5 percent, the daily reported.

Mirax, which sold $100 million in credit linked notes one year ago, will use the money to finance the construction of Mirax Plaza, which will be the tallest business center in Ukraine's capital, Vedomosti said, citing a prospectus prepared by MDM Bank. The company will invest a total of $267 million in construction of the center, which will have residential, office and trading space.

Mirax recorded $164.4 million in 2005 revenue and is managing about 1 million square meters of real estate space, the paper said, citing the firm.

The 170-meter Mirax Plaza will be built over a 3.5-hectare area in the Kiev's Podol district and will contain residential, office and trading spaces.

Mirax Group is also the developer behind the planned Moskva City, a new financial district going up on Krasnopresnenskaya Naberezhnaya, behind the Hotel Ukraine. The two-tower high-rise complex which is currently under construction by Mirax Group in Moscow, will include a 342-meter tower that would make it the tallest office complex in Eastern Europe.

(Bloomberg, MT)