On August 31, state-owned Oschadbank and Ukreximbank listed the Gulliver shopping and entertainment complex in central Kyiv for sale through an open auction on the Prozorro.Sale electronic platform. The asset’s starting price is UAH 9.2 billion, or approximately $207 million.
The auction will be held as a competitive bidding process through Prozorro.Sale. Potential buyers will be able to review the sale terms and documentation and submit bids through electronic marketplaces connected to the system. The state-owned banks expect the open auction to establish the market value of the complex and attract both Ukrainian and international investors.
Gulliver is a multifunctional complex with a total area of more than 157,000 sq m, combining a shopping and entertainment center with an office tower. It is located in central Kyiv near three metro stations and has an established tenant mix comprising Ukrainian and international companies.
Oschadbank CEO Yurii Katsion said that a transparent competitive auction would help determine the asset’s market price and attract a broad range of potential buyers. According to him, Gulliver has strong operating characteristics, an established tenant base and potential for further development.
For the state-owned banks, the priority is to sell the asset at the highest possible price. Katsion noted that the final transaction value will also affect future state budget revenues through taxes and dividends paid by Oschadbank.
Gulliver is currently owned by a consortium of the two state-owned banks: Oschadbank holds an 80% stake, while Ukreximbank owns 20%. Their supervisory boards approved the sale of the complex at the end of July 2026.
The transfer of Gulliver under state-controlled banks is linked to loans raised to finance the construction of the complex. The formal owner of the asset was Tri O, a company associated with Viacheslav Ihnatenko. At the same time, businessman Viktor Polishchuk is regarded as Gulliver’s former beneficial owner. According to Forbes, he provided a personal guarantee for the loan used to finance the complex’s construction and personally participated in debt restructuring negotiations in 2020.
In addition to Oschadbank, state-owned Ukreximbank also provided financing for the complex. The banks began preparations to foreclose on Gulliver in November 2024, with the foreclosure procedure itself commencing in March 2025.
The complex was transferred into the ownership of the state-owned banks under Ukrainian mortgage legislation. The foreclosure was carried out through a mortgage clause without court proceedings.
Following the transfer of the asset to the banks, Tri O announced its intention to seek restoration of its rights to Gulliver. On July 28, 2026, the company said it would take measures provided for by law to recover the asset.
The transfer of the complex to the state-owned banks was accompanied by a dispute over its subsequent management. On October 30, 2025, Gulliver was closed for an indefinite period. Oschadbank said that after ownership rights were registered in favor of the state-owned banks, the former owner obstructed the handover of critical systems and infrastructure, including building management systems, electricity supply, security systems and technical documentation.
According to the bank, the resulting issues posed risks to the safety of visitors and tenants and disrupted the normal operation of businesses within the complex. Gulliver resumed operations on February 1, 2026.
The state-owned banks now intend to complete the disposal of the asset through an open competitive auction. With a starting price of UAH 9.2 billion ($207 million), Gulliver will become one of the largest commercial real estate assets ever offered for sale in Ukraine. The final transaction value will depend on the number of auction participants and the level of competition among potential buyers.
For investors, the complex’s appeal is linked to its prime location in central Kyiv, scale, existing tenant base and further development potential. At the same time, a prospective buyer will need to take into account legal and operational risks associated with the history of Gulliver’s transfer to the state-owned banks and statements by the former owner regarding its intention to challenge the loss of the asset.
