One of Ukraine’s largest rentiers, Garik Korogodsky, is considering the sale of his key real estate asset — the Dream shopping and entertainment mall in Kyiv. According to the entrepreneur, a potential transaction could value the property at over $100 million including debt obligations.
Korogodsky owns 74% of Vita-Veritas LLC, the company that owns Dream Mall. Other shareholders include Mykhailo Shmilman (around 25%) and Liudmyla Shapoval (0.1%), according to YouControl data. The entrepreneur stated that after the war he plans to step away from business and focus on public and creative projects.
One of the largest malls in the capital
Dream Mall is located in Kyiv and consists of two buildings — Dream Yellow and Dream Berry, opened in 2009 and 2011 respectively. The total area of the complex is around 160,000 sq. m, including 101,200 sq. m of leasable space.
As of the end of 2025, occupancy of the mall is close to 100%, while the average monthly income of the complex is about UAH 63 million. Around 400 stores operate in the mall. Tenants include international brands from the Inditex group (Zara, Bershka, Massimo Dutti, Pull&Bear, Stradivarius, Oysho), H&M, and brands from the Polish LPP group (Reserved, Cropp, House, Mohito, Sinsay).
Location is one of the key advantages of the asset. The mall is situated near three metro stations, providing stable pedestrian and transit traffic. According to market consultants, Dream’s catchment area reaches around 1 million people, with about 300,000 residents living within walking distance.
Financial performance and debt burden
After declining performance in 2022, the company that owns the mall gradually restored its financial results. According to financial statements, Vita-Veritas LLC’s revenue increased by nearly 90% during 2023–2024, reaching UAH 678.5 million in 2024. During the first nine months of 2025, revenue grew by another 10.6% to approximately UAH 534 million.
The company has also gradually improved profitability: while the net loss amounted to UAH 17.5 million in 2024, during the first three quarters of 2025 the mall already recorded a profit of UAH 1.5 million.
The shopping center is pledged as collateral under a loan agreement with Oschadbank, originally signed in 2007. As of the end of 2024, the company’s obligations to the bank amounted to UAH 2.69 billion, including UAH 2.1 billion of principal debt and UAH 585 million of accrued interest. The loan maturity is scheduled until 2030.
Investment potential and challenges
Construction of Dream Mall cost more than $200 million, and before the full-scale war its market valuation, according to industry participants, could reach $150–180 million.
In 2019, approximately $12 million was invested in modernization: retail space was increased by nearly 20%, and part of the entertainment zones was repurposed. In particular, the largest H&M store in Ukraine, covering more than 3,000 sq. m, opened in the mall.
At the same time, the asset requires further investment for renovation and modernization. Among the factors that may limit potential buyers, experts mention the large scale of the asset and the high transaction value.
Investment market for retail real estate
According to market consultants, the total volume of investment in Ukraine’s retail real estate sector in 2025 reached about $81 million, which is 35% higher than a year earlier. The largest transactions included the acquisition of the Sky Park mall in Vinnytsia by the Inzhur fund for approximately $36 million, as well as the purchase of the Ukraina shopping center in Kyiv by City Capital Group. The value of some transactions was not disclosed.
Against this background, a potential deal involving Dream Mall could become one of the largest transactions in Ukraine’s commercial real estate market in recent years. However, experts note that assets valued at more than $50–100 million in the current environment typically require more time to find an investor.
At the same time, demand for high-quality retail real estate with stable cash flow is gradually recovering alongside the recovery of the consumer market, which may increase investor interest in such assets.
