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Ocean Plaza shopping mall in Kyiv to be sold

Ocean Plaza shopping mall in Kyiv to be sold

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TPS Real Estate, a company belonging to the Russian businessmen Igor Rotenberg, Alexandr Ponomarenko, and Aleksandr Skorobogatko, is currently holding negotiations with the Ukrainian investment fund Dragon Capital regarding the sale of Ocean Plaza, a shopping mall located in downtown Kyiv, Kommersant has informed quoting sources close to the negotiation process, Interfax-Ukraine reports.
 
“TPS Real Estate is ready to shut down its operations in Ukraine and thereby dispose of Ocean Plaza, a shopping mall in Kyiv owned by the corporation. The negotiations concerning the transaction are currently ongoing with Dragon Capital, a Ukrainian investment fund, which has been acquiring commercial property across the country for the last few years. The Russian corporation is ready to accept an offer to the tune of $270-315 million, which is the amount the facility was evaluated at six years ago when the Russian company entered the Ukrainian market,” the newspaper writes. 
According to the source, the negotiations are already “at the advanced stage,” however the deal has not been concluded just yet, as “the potential buyer is currently seeking financing opportunities.” Nonetheless, neither party to the negotiations have commented on the potential agreement yet.
 
The Ocean Plaza comprises a total area of 165,000 m2 located at 176 Antonovycha Street in Kyiv and opened its door for business in December 2012. Around $300 million was invested in the projectthen.
The shopping center was developed jointly by UDP, KAN Development (both Kyiv-based developing firms) and TPS Real Estate (based in Moscow), whereas UTG Consulting acted as the exclusive broker for the deal.
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