Gulliver auction fails due to lack of buyers

The auction for the Gulliver shopping and office complex in Kyiv failed to proceed as no bids were received, according to Oschadbank. The supervisory boards of Oschadbank and Ukreximbank will now decide on the next steps for selling the asset, considering market conditions, potential investors' readiness, and security risks. The complex, located at 1-A Sportyvna Square, encompasses a shopping and office complex with a parking facility, spanning 151,805 square meters, along with two adjoining land plots amounting to 1.2512 hectares.

The consortium, comprising 80% ownership from Oschadbank and 20% from Ukreximbank, had initially set a starting bid of UAH 9.2355 billion, or $207 million, excluding VAT. The property was put up for auction via the Prozorro.Sale platform at the close of August. This sale marked the concluding phase in the foreclosure process for one of the banking system's most significant problematic corporate loans.

The state bank group had initiated financing for the development from 2006, with the complex officially opened in 2014. Following a series of restructuring efforts, Tri O LLC, the previous owner of Gulliver, began decreasing loan repayments in June 2024 and subsequently ceased making payments entirely. On July 26, 2025, it was decided to transfer ownership of the complex to the Oschadbank-Ukreximbank consortium following foreclosure due to Tri O LLC's inability to fulfill their loan obligations.

In late October 2025, Oschadbank's emergency commission assessed the site as hazardous for individuals and its operations, primarily because Tri O LLC employees had refused to surrender essential engineering utilities for management. Subsequently, the bank commenced the gradual reopening of the complex after addressing some of the emergency situation's triggers.