The City of Lviv in Ukraine has inaugurated the country's first retail and entertainment centre, Forum Lviv.
The European Bank for Reconstruction and Development (EBRD) and Germany's Unicredit Bank provided a €52.1m syndicated loan for construction of the centre.
Located in the city centre on Pid Dubom Street, the three-storey shopping centre has a level complete with cinema, leisure facilities and restaurants at its top.
As well as set-ups by international and local retailers, the 35,000m² centre will also house an entertainment area for children and an underground parking garage with 600 spaces.
Forum Lviv, which is owned by Multi Veste Ukraine, will be certified according to the Building Research Establishment Environmental Assessment Method (BREEAM).
Multi Veste's in-house design group TTDesign has created the concept for the development, with the Lviv office of Tebodin Ukraine working as the architect.
About 95% of the centre has already been leased out, which EBRAD said 'sends a strong signal to international and domestic investors and retailers about the opportunities in the Ukrainian market'.
The centre has been developed as an urban regeneration project that has led to reclamation of a derelict plot of land near the United Nations Educational, Scientific and Cultural Organization (UNESCO) protected area.
EBRD property and tourism director Claudia Pendred said: "This is an important investment for Ukraine.
"It sets new standards in resource efficiency and sustainable development for Ukraine and the EBRD, while also providing much-needed employment opportunities in a challenging economic environment."
It is expected to create job opportunities in the municipality of Lviv, giving it an economic boost, and invites further investment in western Ukraine and its regional capital city Lviv.
Multi Veste Ukraine country director Gawein Minks said: "Multi and its local partners Galereja Centre and Budhouse Group are proud to have worked on Forum Lviv in partnership with the EBRD."
Image: Inside view of Forum Lviv retail centre. Photo: courtesy of European Bank for Reconstruction and Development.