Due to the war, Dragon Capital’s real estate portfolio was reduced by 200,000 square meters, with losses amounting to nearly $65M.

The largest investment company in Ukraine currently holds approximately 600,000 square meters in its real estate portfolio, down from its peak of 800,000 square meters, said Tomasz Fiala, the founder and CEO of Dragon Capital.

He noted that since 2016, the company had expanded the portfolio to 800,000 square meters: 400,000 square meters of warehouses, 200,000 square meters of offices, and 200,000 square meters of shopping malls. However, at the beginning of the full-scale invasion, three warehouses were destroyed. According to Fiala, with an average valuation of $500 per square meter, the loss of 115,000 square meters is estimated at about $65M.

During the war, the company decided to refrain from starting new projects and to focus on existing ones. Additionally, the emphasis was placed on reducing the debt in its real estate portfolio, which totaled around $250M, while property values ranged from $600 to $700M. Currently, $40M remains of the $250M in loans: This represents gross debt, while net debt is already zero.