First Financial Network has completed the successful sale of the Chornomorets Stadium in Odessa, Ukraine, on behalf of the Deposit Guarantee Fund (DGF) and the intervened ImexBank, to Allrise Capital of Irvine, California.
The $7.29 Million transaction was completed and closed on July 16.
Buyer Allrise Capital plans to field a world-class soccer team at Chornomorets Stadium, make improvements to the stadium facilities to enhance the fan experience, and program events to activate the complex year-round.
The stadium complex is a marquis real estate asset which includes a 35.000-seat modern sports and events stadium, plus 850.000-square feet in commercial real estate, including a 150-room four-star hotel, an office/business complex, retail, spa, cultural offerings, and a large underground parking facility, all located in the heart of Odessa’s central park near the seaports.
Odessa, Ukraine’s third largest city, is situated on the Black Sea coast and is the primary in-country vacation site, known for its temperate climate, beaches and resort setting.