Inzhur REIT, founded by Andriy Zhurzhiy, continues to expand its commercial real estate portfolio. The Antimonopoly Committee of Ukraine has granted permission to Inzhur Sky LLC, acting in the interest of the fund, to acquire Askor Company LLC. The decision was issued on 20 November, according to the AMCU’s official website. Askor Company manages the Sky Park shopping mall in central Vinnytsia and has been owned by Dragon Capital since 2018. Inzhur Sky has now received approval to take control of the company.
On 17 November, Inzhur REIT estimated the potential value of the deal at UAH 1.513 billion, equivalent to approximately USD 35.8 million as of 20 November. Back in August, Andriy Zhurzhiy indicated an expected price of UAH 900 million, or roughly USD 21.6 million at the then-prevailing exchange rate. As of 18 November, the fund held UAH 1.313 billion in assets, including funds invested in government bonds. To complete the acquisition of the shopping centre, the fund announced plans to raise an additional UAH 200 million. In late August, Inzhur Sky had already approached the AMCU regarding the purchase of Askor Company, but the committee returned the application, prompting the company to re-submit it.
According to YouControl, 100% of Inzhur Sky is owned by Inzhur LLC, which manages the assets of Inzhur REIT. The fund was founded by Andriy Zhurzhiy. In August, the company announced the consolidation of its five funds — 1001, 2001, Inzhur Supermarket, Inzhur Ocean and Inzhur Zhytniy — into a single Inzhur REIT structure. The decision was explained by uncertainty around two projects, Inzhur Ocean and Inzhur Zhytniy, due to unclear prospects regarding the privatisation of the Zhytniy Market and the Ocean Plaza mall. At the same time, the company announced plans to acquire a shopping centre in the near term and enter the retail park segment.
According to YouControl, the ultimate beneficiary of Askor Company is Dragon Capital founder and CEO Tomas Fiala. Dragon Capital acquired the Vinnytsia Sky Park mall through its purchase of Askor Company in July 2018. The company, established in 2014, is primarily engaged in leasing commercial property. Sky Park has a total area of 30,000 sq m, including 20,300 sq m of leasable space. The complex includes a 25,000 sq m shopping and entertainment centre and a 5,000 sq m business centre.
Dragon Capital Property Management currently oversees 26 commercial real estate assets, including seven shopping centres such as Kyiv’s Piramida and Aladdin malls, as well as the Victoria Gardens mall in Lviv. In February, it was reported that the company was preparing to sell the Borychiv business centre located on Borychiv Tik Street near Poshtova Square and Andriivskyi Descent in Kyiv.
