A consortium of two state-owned banks has acquired one of Ukraine’s largest and most expensive retail and office complexes.

After many years of struggle, a consortium consisting of state-owned Oschadbank (80%) and Ukreximbank (20%) has gained ownership of the Gulliver retail and office complex in Kyiv, which is among the largest and most valuable commercial properties in Ukraine. It is noted that Gulliver served as collateral for a loan obligation, and the collection process was initiated because the Three O company   – the debtor and owner of Gulliver – failed to meet its loan commitments.

The consortium advises all tenants of the Gulliver complex to contact Oschadbank to re-register their lease agreements and to be aware that there are no legal grounds for making rental payments to the previous owner. The Gulliver retail and office complex, located in Kyiv’s Pechersk district, opened in 2013 with 151,800 square meters of commercial space. The construction was financed primarily by Oschadbank, which provided a $460M loan to Three O LLC. The facility’s market value is ₴7.6B ($180M), with expected minimum monthly income exceeding ₴17M ($400,000).