Eastern European investment boost.

NAI Pickard, the new Ukrainian member of NAI Global has got off to a flying start with its appointment by the first funds established specifically to invest into commercial property in Ukraine.

The Primeros Group of Property Funds has been set up in Jersey in response to the recent flood of investors to the eastern European commercial property market.

The Fund's are administered by Equity Trust Services Limited, part of the major international trust group Equity Trust.

These property funds offer investors a well-structured way to invest in different spheres of the developing and previously untapped property market of Ukraine.

The Primeros Property Fund L.P. will primarily invest in a portfolio of property in Kyiv with the initial focus of buying and developing existing properties which can relatively quickly be converted into income producing business centres: an area of the market that has a 97% occupancy rate.

The derived combination of rental income and portfolio asset growth is expected to produce investment returns over the eight year life of the Fund which are far superior to similar funds in Central or Western Europe.

Ukraine has chronic shortages of warehousing and office buildings despite high demand. It has been estimated that there is less than 25% of required warehousing space available on the market. The Primeros Logistics Fund will thus invest specifically in the development and leasing of up to 3.75 million square feet of purpose built warehousing and associated facilities and across Ukraine.

NAI Pickard will be supplying property consultancy services to the Fund. The marketing and strategic advice will be carried out jointly by NAI Pickard in Kyiv, NAI Global and the UK member NAI Fuller Peiser.

Terry Pickard, NAI Pickard Managing Director, comments: "We are excited to be part of the Primeros Funds. They are key to future economic growth in Ukraine, where commercial property development has suffered from a lack of investment in the past."