TMM’s mixed-use project in Kyiv region gets government approval

Yesterday, TMM Real Estate Development (TR61 GR: BUY) announced that on August 18 construction of a 72.3 ths m2 residential & office complex in Obukhiv (Kyiv region) was approved by the State Examination Committee. According to the company, it plans to start building in 4Q08, with completion planned for the end of 2012. The project’s value was put at USD 31.6 mln by Colliers International as of December 31, 2007. Alexander Romanov: We estimate the total cost of the project at USD 38.8 mln. The news is neutral for the stock as project development is going in line with the company’s previously announced schedule.