Kyiv’s Gulliver mixed-use complex is heading to auction with a starting price of approximately $207 million. For Ukraine’s commercial real estate market, a transaction of this size is exceptional. The sale could establish a market value for one of the capital’s largest properties — and provide a real-world measure of how investors are pricing Ukrainian assets while the full-scale war continues.

On August 31, state-owned Oschadbank and Ukreximbank listed Gulliver through the Prozorro.Sale electronic auction system. The starting price is UAH 9.235 billion excluding VAT, or approximately $207.3 million. The auction is scheduled for October 1, with bids accepted through September 30.

Oschadbank owns 80% of the complex, while Ukreximbank holds the remaining 20%. The lot includes a retail and office property with parking facilities totaling 151,805.3 sq. m, along with two land plots covering approximately 1.25 hectares.

For Oschadbank and Ukreximbank, the auction could close the book on one of the largest distressed corporate loans in Ukraine’s banking history. For investors, it could answer a more consequential question: What is a prime Ukrainian commercial property actually worth in wartime?

The answer could become a benchmark for how domestic and international investors price wartime risk, assess the liquidity of large-scale assets and view the long-term prospects of Ukrainian commercial real estate.

How Gulliver Ended Up in the Banks’ Hands

Gulliver’s financing history dates back to 2006, when a consortium of state-owned banks financed the development project. The complex opened in 2014.

The loan was restructured several times. Beginning in June 2024, however, borrower Tri O LLC started reducing its payments and eventually stopped servicing the debt altogether.

In March 2025, Oschadbank and Ukreximbank initiated foreclosure proceedings against the mortgaged property. By the summer of that year, ownership of Gulliver had transferred to the banking consortium, with Oschadbank taking an 80% stake and Ukreximbank the remaining 20%.

After assuming ownership, the banks took over management of the complex. They conducted a technical audit, restored critical building systems, kept the property operational and worked to retain its tenants.

A sale was the expected next step. Ukrainian banking regulations limit banks’ ability to hold and manage non-core assets over the long term. For lenders, property acquired through foreclosure is primarily a means of recovering outstanding debt.

The question now is how much of that exposure the banks can ultimately recover through the market.

What $207 Million Buys

Gulliver sits on Sportyvna Square in one of Kyiv’s busiest business districts. The complex combines retail space, Class A office space, restaurants, entertainment venues, a fitness club and parking.

Its investment model is built around multiple revenue streams, including office and retail leases as well as entertainment and service businesses. That diversification reduces dependence on any single tenant category and gives an owner greater flexibility to adjust the tenant mix as market conditions change.

Around 37% of Gulliver’s space is occupied by anchor tenants in the mid-market segment and entertainment businesses, including a cinema, bowling alley, children’s entertainment center and fitness club, according to Anna Anisimova, a strategic adviser specializing in real estate development and investment.

Tenant retention following the complex’s temporary closure offers another measure of the property’s resilience.

Gulliver shut down entirely on October 30, 2025, amid issues involving its building systems. A phased reopening began on December 12, when the first two floors resumed operations, including the Silpo supermarket and roughly 48 stores. Both the shopping mall and business center returned to full operation on February 1, 2026.

According to Oschadbank, the vast majority of tenants stayed.

That matters to a prospective buyer. Gulliver comes with an established tenant base and existing cash flow, eliminating much of the leasing risk associated with repositioning a vacant or underoccupied property.

Why $207 Million Is an Ambitious Price

A starting price above $200 million makes Gulliver an unusually large transaction even by the standards of Ukraine’s prewar market. During a full-scale war, the pool of investors capable of pursuing a deal of this size is narrower still.

For perspective, total investment in Ukrainian commercial real estate in 2025 was estimated at approximately $250 million. Gulliver’s starting price alone is equivalent to more than 80% of the entire market’s annual transaction volume.

Capital, however, has been shifting between market segments. According to Expandia, investment in office properties increased approximately 2.5-fold in 2025, while retail investment rose 35% year over year. Investment in warehouse and industrial assets, by contrast, roughly halved to $31 million.

After coming to an almost complete standstill in 2022, the market has gradually returned to selective large-scale transactions. Investors have focused primarily on properties with strong financial fundamentals, stable tenants and predictable cash flows.

Gulliver checks many of those boxes. But wartime risk remains the variable that could determine the final price.

The auction will test whether the banks’ valuation aligns with what private capital is prepared to pay once that risk is factored in.

Large Deals Are Returning

Ukraine’s commercial real estate market has already shown that sizable transactions remain possible despite the war.

Among the notable deals of 2025 cited by Oschadbank were businessman Maksym Krippa’s acquisition of Kyiv’s International Exhibition Center, covering approximately 70,000 sq. m; City Capital Group’s purchases of the first phase of the Leonardo Business Center and the Ukraina shopping mall; investment fund Inzhur’s $36 million acquisition of the Sky Park shopping mall in Vinnytsia from Dragon Capital; and the Kyiv School of Economics’ $18 million purchase of the Kyiv Golf Center.

At its stated valuation, Gulliver significantly exceeds most of those transactions.

The auction could therefore establish a new pricing benchmark for major Ukrainian commercial properties. The number of bidders, the final price and whether the transaction closes successfully will all provide useful signals about investor appetite.

What the Auction Will Reveal

The property will be sold through a three-round English auction. The minimum bid increment is 1% of the starting price, or approximately UAH 92.35 million. Participants must also provide a bid deposit of UAH 461.77 million.

The auction terms restrict who can participate. Former owner Tri O LLC, its ultimate beneficial owner, mortgagors and guarantors under the loan, affiliated entities and sanctioned individuals cannot participate in or win the auction. The eventual buyer may also need merger clearance from Ukraine’s Antimonopoly Committee.

The October 1 auction should answer several questions that extend well beyond Gulliver itself.

First, is there an investor in Ukraine or abroad prepared to commit more than $200 million to a single commercial property while the war continues?

Second, how large a discount does private capital apply to wartime risk when valuing major Ukrainian assets?

Third, how effectively can Ukraine’s banking system complete the full lifecycle of a distressed loan — from foreclosure on collateral to its eventual sale through a competitive market process?

If Gulliver sells at or above its starting price, the transaction would send a powerful pricing signal for high-quality Ukrainian commercial real estate despite elevated wartime risk.

If no buyer emerges, that result would be just as revealing. It would expose the gap between the banks’ valuation and the risk premium private investors currently demand to deploy capital in Ukraine.

Either way, Gulliver will serve as one of the largest market tests for Ukrainian real estate since the start of the full-scale war.

Gulliver at a Glance

The Gulliver mixed-use complex is located at 1-A Sportyvna Square in central Kyiv. The property has a total area of 151,805.3 sq. m. The auction lot also includes two land plots covering approximately 1.25 hectares.

According to Oschadbank, more than 35,000 office workers are based in the surrounding area, while the complex has access to an estimated 1 million people within a 15-minute travel radius. Gulliver also features a roughly 4,000-sq.-m media facade comprising seven screens, along with a cinema, food court and concert terrace.