Oschadbank takes over management of Gulliver complex in Kyiv, prepares for possible sale
State-owned Oschadbank (Kyiv) will lead the management of the Gulliver shopping and office complex (Gulliver Mall) in central Kyiv. The bank holds a majority share in a consortium with Ukreximbank and may bring in a professional management firm through a competitive process.
"Oschadbank owns 80%, and Ukreximbank 20%, so profits will be distributed proportionally. We've taken on the main responsibilities in this matter," said Oschadbank supervisory board member Roza Tapanova in an interview with Interfax-Ukraine.
She noted that this may be the first instance in which state-owned banks exercised their legal right to foreclose on mortgaged property without going to court. Tapanova said that they had not been confident of winning in advance and considered several scenarios – including bankruptcy or financial leasing – given the lack of legal precedent in Ukraine.
"Before making decisions about Gulliver's future, we must complete certain steps. We'll conduct a new valuation within the year and obtain an auditor's report on both the mall and its associated assets. We anticipate additional legal processes in English courts, and we must be prepared to justify any future sale price, so all documentation needs to be flawless," Tapanova said.
According to her, the bank's team is currently working to ensure that all required documents and tools for managing the asset are in place.
Tapanova also revealed that the previous owner, despite making publicly positive statements, has already begun resisting the new ownership – specifically, Gulliver Mall's senior management has refused to cooperate.
"There are signs of deliberate attempts to sabotage management, but the new owners will do everything necessary to ensure the complex operates smoothly. However, we're asking tenants and visitors to be patient during this transition period, as the former owner has proven to be an unscrupulous borrower and property manager," she added.
Once full control is secured, Oschadbank plans to develop a new asset management strategy, which may include transferring management to a third-party firm via a competitive tender.
Tapanova also stated that if the banks receive favorable offers to purchase the asset at an acceptable market price, the complex could be sold in a transparent auction. Proceeds would go toward lending to strategic sectors and paying dividends to the state.
When asked whether a Ukrainian business could potentially buy Gulliver, she responded, "I think yes. We're seeing new projects and major deals happening – there is interest. Gulliver is a unique, well-maintained asset in the heart of Kyiv. It's a popular location already hosting international companies. It could be a very attractive investment."
As reported, in July 2025, state-owned Oschadbank (80%) and Ukreximbank (20%) received ownership of Gulliver shopping center (TRI O LLC).
The Gulliver complex, located in Kyiv's Pechersky district, opened in 2013 and has a total area of 151,800 square meters. The construction of Gulliver was financed by Oschadbank, which provided TRI O LLC with a $460 million loan. The debt restructuring procedure under the loan agreement, with the Gulliver complex as collateral, amounting to UAH 18.1769 billion, was completed in 2020.
On June 3, the Shevchenkivsky District Court of Kyiv granted the Prosecutor General's Office's request to transfer the Gulliver multifunctional complex to Ukraine's Asset Recovery and Management Agency (ARMA) for management, but not for sale. Kyivsky Court of Appeals on June 25, 2024 confirmed the decision. The Prosecutor General's Office submitted the request within a criminal investigation by the Bureau of Economic Security (BES) into possible tax evasion by Gulliver's management, amounting to nearly UAH 146 million. BES issued a corresponding suspicion to the director of Gulliver in May 2023.
ARMA twice announced a competition for the management of the Gulliver shopping and entertainment complex, but rejected applications from applicants due to non-compliance with the tender offer.
ARMA Head Olena Duma earlier said that the market value of which is UAH 7.6 billion according to the assessment conducted by an independent appraiser selected on a competitive basis, and the minimum amount of expected income is over UAH 17 million.
