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. Last Updated: 07/27/2016

Mirax to Sell Its Ukrainian Division

Sergei Polonsky's Mirax Group is selling its Ukrainian division, which is building the Mirax Plaza complex in central Kiev, to Roman Trotsenko's AEON, the companies said.

Mirax Plaza Ukraine has a total floor space of 294,000 square meters and will include offices and apartments. When completed, the 192-meter building will become Ukraine's tallest building.

Polonsky said through a spokesperson that Mirax was concentrating on projects in Moscow. Both sides declined to disclose the value of the deal.

Mirax began building the complex in March 2007 but announced late last year that it was freezing construction until global financial markets stabilized. At the time, 12 stories had been built.

Andrei Zakrevsky, senior vice president at Knight Frank, estimated the deal at no less than $100 million, or $340 per square meter. A source close to Mirax put the sum at more than $50 million.