UNIT.City to receive €50M for construction of 4 new campuses
The European Investment Bank (EIB) will provide the Ukrainian Innovation Park UNIT.City with a €50 million loan. The money will go to the renovation of old buildings and the construction of new ones in UNIT.City.
“A credit line from the EIB will allow us to accelerate the development of UNIT.City in Kyiv. This is an important signal for the market, proof that we are on the right track and have the support of European institutions,” commented Vasyl Khmelnytsky, Founder of UFuture holding company (which includes UNIT.City).
The funding is provided under the European Commission and the EIB’s initiative InnovFin Science as part of Horizon 2020 innovation and research program.
InnovFin Science provides loans and equity financing for research institutes, universities, and research organizations. Thus, the EC improves access to funding for state and private organizations’ research and innovation projects.
The funding comes directly from the EIB and involves up to 10 tranches, minimum EUR 5 million each. UNIT HOLDINGS LLC, created by UFuture Group, will act as the borrower. The legal partner of the deal is Everlegal, and its financial partner is Ukrgazbank.
What will the money be spent on?
The financing was attracted under the Ukrainian Innovation Campus Project, which, according to the investors’ vision, will make UNIT.City one of the largest innovation and IT hubs in Central and Eastern Europe. It will create 549 permanent and 2,400 temporary jobs, as well as indirectly support 15,000 jobs at the tenant companies located in UNIT.City innovation park.
About half of the projected costs will be funded by the EIB. The bank’s money will be spent on building new UNIT.City campuses – B15, B16, B17, U1 – with a total area of 70,000 m2.
The total project cost is estimated at EUR 110 million. It is planned to complete the project by 2023.
What will the campuses accommodate?
The innovation campuses will feature:
- private learning IT center;
- multi-functional adaptive areas for a number of office spaces;
- digital production labs (fablabs);
- communal facilities and a collaborative space;
- breakout rooms and premises for seminars and events;
- auxiliary and infrastructure facilities.