Maksym Krippa, the owner of Kyiv’s Parus business center and the Ukraine Hotel, has become the full owner of a development project located in central Kyiv — on Khreshchatyk near European Square. His investment fund Ars Capital acquired 100% control of the development company Graal, according to records in state registries.
Following the consolidation of all corporate rights, the investor plans to restart the project and implement an updated development concept for the area. The plan includes revising the architectural design and adapting the project to modern approaches to urban space development. Graal LLC is the developer holding the rights to implement the investment project in the European Square district.
Earlier, on February 12, the Antimonopoly Committee of Ukraine approved Ars Capital’s acquisition of full control over Graal. Prior to that, the fund already owned 24% of the company. Other shareholders of the developer previously included prominent real estate market figures Ihor Nikonov, Ofer Kerzner, and Oleh Havryliak.
The history of the project dates back to the early 2000s. In 2003, Graal won a competition organized by the Kyiv City State Administration for the reconstruction of European Square and the development of underground space beneath Khreshchatyk. The initial concept envisioned the construction of a high-rise skyscraper, but the proposal sparked significant public debate and protests due to the historical value of the location.
The project was later revised. In 2021, the Kyiv City Council extended the land lease and approved a new concept that abandoned the high-rise tower. Under the updated plan, the future development must match the height of surrounding buildings and harmonize with the historical architecture of Kyiv’s city center.
The next stage of the project was reached in August 2024, when the State Inspectorate of Architecture and Urban Planning issued a construction permit for the complex named “Stolichny.”
The new concept предусматривает construction of an office and hotel complex, as well as a large-scale reconstruction of the surrounding area around European Square and Khreshchatyk, according to the press service of the Ars Capital investment fund.
The complex is planned to be built on six land plots with a total area of 0.86 hectares. According to the construction permit issued to Graal in 2024, the total area of the future complex will reach 44,140 sq. m, including 38,332 sq. m of usable space.
The structure of the complex will include several functional zones:
- 21,658 sq. m will be allocated to apartments designed for 219 units;
- 1,809 sq. m will be used for office space;
- 2,189 sq. m will be designated for retail premises.
The financial terms of the transaction and the acquisition price have not been disclosed, as the parties decided not to make the deal value public.
