TKS Begins Construction of Mixed-use Complex in Lviv

TKS Management (37W1 GR: BUY) announced in a press release that it has started construction of a 16-story mixed-use complex in Lviv. Estimated cost of the project is USD 40 mln. The complex will be constructed on a 4.6 ha land plot and will include residential, office and commercial premises, as well as a hotel, entertainment center and parking for 1,800 vehicles. The facility is scheduled to open in 2009. Alexander Romanov: We expect the news to support the stock price’s recent revival following the change in the company’s ownership. Start of the project, one of the biggest projects in the company’s current portfolio, is in line with the schedule previously announced by TKS Management.