The oldest design institute in Kharkiv was sold to an investor, and the building can now become an office building or shopping center.

On October 4, Kharkiv private enterprise Aktyvur1001 won the privatization auction, acquiring 100% of the authorized capital shares of Vazhpromelektroproekt. Six parties participated in the bidding, driving the lot’s value from the starting ₴4.9M bid to the winning ₴18.2M bid offered by the car dealership. The State Property Fund (SPFU) previously emphasized that the institute’s real estate is located almost in the center of Kharkiv.

“This is a favorite place of Kharkiv residents in the Shevchenko district of the city, which makes the privatization object extremely attractive for an investor, as it can be used as an office or shopping and entertainment center,” the SPFU noted.

Vazhpromelektroproekt, the former Ukrainian State Design Institute, is one of the oldest design institutes in Ukraine, established in 1925. The institute handled design and adjustment work in the construction of the largest metallurgical plants in Ukraine: Kryvorizhstal, Zaporizhstal, Azovstal, Dniprospetsstal