The Norwegian Ukraine Investment Fund, established under the management of the state-owned investment fund Norfund, will invest approximately NOK 100 million (€8.5 million) in the expansion of the M10 Industrial Park in Lviv, according to a statement from Dragon Capital, the project’s developer.
Norway’s Minister of International Development, Osmund Aukrust, said that supporting the functioning of Ukraine’s economy is a key element of the country’s resilience, and the fund’s first investment demonstrates its role in financing sustainable businesses and infrastructure initiatives.
Norfund CEO Tellef Thorleifsson emphasized that the investment will help create several thousand jobs. The Ukraine Investment Fund itself was launched in December 2024 and focuses on supporting sustainable businesses and projects that require private capital and a willingness to take on higher risks.
The M10 Lviv Industrial Park project, implemented by Dragon Capital in partnership with the EBRD, has already received the international EDGE sustainability certification. The industrial park is being built in the Riasne-2 industrial zone of Lviv, just 60 km from the Polish border. The 23.5-hectare site will accommodate six development phases of manufacturing, warehouse, and office facilities that meet international sustainable development standards.
The EBRD holds a 35% stake in the project, and its total investment may reach $24.5 million. Additionally, in September 2023, MIGA (part of the World Bank Group) provided the park with a ten-year war-risk insurance policy — a rare and significant instrument for large-scale projects in Ukraine.
The first phase of the park — a modern 14,400 sq. m Class A warehouse complex — was commissioned in February 2024 and is fully leased by the Ukrainian retail chain “Aurora.”
Dragon Capital is one of the largest investment groups in Ukraine. Its real estate management arm, Dragon Capital Property Management, oversees a portfolio of 25 commercial properties totaling 560,000 sq. m, including business centers, shopping and entertainment malls, and logistics complexes, making the company one of the market leaders.
