The European Bank for Reconstruction and Development (EBRD) plans to provide up to $35 million in financing to the development company Stolitsa Group to support residential construction in Kyiv. Information about the project has been published on the bank’s website. The borrower is Stolitsa Group LLC, one of the prominent developers in Kyiv’s residential real estate market.
The loan will primarily be used to finance the next phase of the Varshavskyi residential complex in Kyiv’s Vynohradar district. The funding may also be used for future stages of this project or for other residential developments within the group’s portfolio. The project will also receive guarantee support from the European Union, including first-loss risk coverage under the Ukraine Investment Framework guarantee agreement through the “Municipal, Infrastructure and Industrial Resilience Plus Guarantee” program. This mechanism reduces risks for the lender and facilitates access to financing under wartime conditions.
Stolitsa Group has been operating in the Ukrainian market for about 20 years and is part of the BT Invest group. The group owns a range of assets across several industries, including the Novus supermarket chain, Best Imports, which supplies products to Novus stores, the Retroville shopping and entertainment center in Kyiv, and the EVT grain terminal at the Mykolaiv seaport. The developer’s flagship project is the comfort-class Varshavskyi residential district located in the Vynohradar area.
In 2024, Stolitsa Group ranked among Ukraine’s largest developers by the number of completed apartments, delivering 1,622 units. According to CEO Eduard Sokolovskyi, the developer returned to pre-war sales volumes in 2024, selling more than 230,000 sq. m of housing during the year. According to Forbes estimates, the company’s revenue from apartment sales amounted to approximately $80–100 million.
In 2021, Stolitsa Group signed a memorandum to complete the residential projects of the bankrupt Arkada Bank, including the Evrika and Patriotika complexes. As part of this program, the company has already commissioned two residential buildings in the Patriotika complex. The developer has also begun implementing another Arkada project, Patriotika on the Lakes, which has been renamed H2O.
In April, the Volyn District Administrative Court canceled the construction permit for the H2O residential complex in Kyiv, according to Liga.net, citing the court registry. Stolitsa Group stated that the decision had not yet entered into legal force and that the company intends to appeal the ruling.
