Kyiv shopping center once belonging to sanctioned oligarch on sale for $207 million
Many in Kyiv’s business community think that the starting price is too high for the market, particularly as Russia has escalated attacks on Ukrainian businesses, including shopping centers, in recent months.
A shopping and business center in downtown Kyiv, known as the Gulliver Center, has been put up for sale with a proposed starting price of $207 million. The center, which was previously owned by a sanctioned oligarch, was taken over by state-owned banks Oschadbank and Ukreximbank in July 2025 after a legal battle with the former owner, Three O. The banks seized Gulliver after the former owner stopped paying its loan obligations for almost a year, using the property as collateral.
The potential sale of Gulliver is seen as the largest wartime privatization in Ukraine, surpassing the previous record holder, UMCC Titanium, a titanium mine purchased by an Azerbaijani company in 2025 for approximately $96 million. However, many in Kyiv's business community believe the starting price is too high, given the current economic climate and increased aggression from Russia against Ukrainian businesses, including shopping centers.
Serhii Fursa, deputy managing director at investment firm Dragon Capital, expressed doubts about the success of the auction, suggesting that banks might attempt to lower the price in a second auction. Oschadbank stated that the center's pool of tenants and potential for further development make it an attractive asset for both Ukrainian and international investors, despite the war risks.
It remains to be seen whether the sale will go through, as the fate of Gulliver has been a subject of controversy since its seizure by the banks.
Written by urgent.news from Kyiv Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
