Built in 2011, Arсtiсa is a class A cold storage complex with 21,500 square meters of total space, located in Kyiv’s suburb of Sofiivska Borshchahivka. The sale was carried out by Oschadbank via SETAM, the state-owned electronic auction system.
“Arсtiсa is the ninth property and second cold storage facility in our warehouse portfolio, which over the past 2.5 years has expanded to 300,000 sq. m., including 40,000 sq. m. of cold storage space. We believe that ongoing growth in demand for warehouses, fueled by the expansion of offline and online retailers, is making this particular real estate segment attractive for investment. Following this acquisition, logistics space will constitute 48% of our total commercial property portfolio,” said Volodymyr Tymochko, Managing Director of Private Equity, Dragon Capital.
“The sale of Arсtiсa became Oschadbank’s largest non-core asset disposal by value after the bank acquired it via a loan settlement procedure, having completed the full process of collateral recovery from a troubled debtor. This disposal is the logical continuation of the state bank’s persistent and successful work with distressed and non-core assets over the past five years. We have demonstrated our observance of the principles of transparency and openness with respect to performing the bank’s property sales exclusively at market prices,” said Andriy Stetsevych, Deputy Chairman of the Board at Oschadbank.