Civinity real estate management group to sell all its shares in Civinity Ukraine

RIGA - Lithuania's Civinity, one of the largest business groups for the management of residential and commercial properties in the Baltic states, is withdrawing its expansion plans in Ukraine, LETA was told at the company.

The company announced plans to sell all shares in Civinity Ukraina which manages building administration enterprises in Kiev, Zaporozhye and other Ukrainian cities.

"Ukraine is a large and perspective market in both the residential as well as commercial and public building administration segments. Despite that, Ukraine needs to improve the process of legislation and implementation and also change state officials' attitude to businessmen," Civinity director general Rimvydas Ramanauskas says.

Civinity launched its business in Ukraine two years ago. The company currently services around 3,000 buildings in Kiev, Zaporozhye, Mariupol and Kremenchuk.

Civinity is one of the largest business groups for the administration of residential and commercial properties in the Baltic states, managing over 20 commercial properties and enterprises servicing apartment buildings. Its turnover stood at 38.8 million euros last year.

In Latvia, Civinity manages the following companies involved in the administration of residential and commercial properties in Riga, Marupe, Adazi, Ogre, Jurmala and other cities and towns: Hausmaster, CS Komercserviss, Jurmalas Namsaimnieks, Labo Namu Agentura, Home Master and VBS Serviss, as well as the cleaning services provider ALG Cleaning.